When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of : (a) perfectly elastic demand. (b) elastic demand. (c) unitary elasticity of demand. (d) inelastic demand.
Added by Diane J.
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Step 1: Calculate the price elasticity of demand using the formula: % change in quantity demanded / % change in price. Show more…
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