If a 6% increase in the price of houses causes a 15% reduction in the quantity of houses sold, what is the price elasticity of demand and what type of elasticity is it?
2.5, inelastic
2.5, elastic
0.4 , inelastic
0.4, elastic
If a 6% increase in the price of houses causes a 15% reduction in the quantity of houses sold, what is the price elasticity of demand and what type of elasticity is it?
2.5, inelastic
2.5,elastic
0.4, inelastic
0.4,elastic