question archive Calculate the price elasticity of demand using the method covered in class and the information provided below

Calculate the price elasticity of demand using the method covered in class and the information provided below

Subject:EconomicsPrice: Bought3

Calculate the price elasticity of demand using the method covered in class and the information provided below.

Demand curve: x = 400 - 0.4p

Initial value of x: x_0 = 100

New value of x: x_1 = 120

The value of the price elasticity of demand is:

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