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20-07-2022
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If the price elasticity of demand for a good is 0. 5, then a 5 percent increase in price results in a.

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ewomazinoade ewomazinoade

21-07-2022

A 5% increase in price leads to a 2.5% decrease in quantity demanded.

What is the effect of an increase in price?

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

Percentage change in quantity demanded = 5 x 0.5 = 2.5

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846

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