Solved: Price elasticity of demand of apples-elastic-inelastic, Microeconomics

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Price elasticity of demand of apples-elastic-inelastic

Question:

Suppose the price of apples rises from $3 a pound to $3.50 and your consumption of apples drops from 35 pounds of apples a month to 20 pounds of apples. What would your price elasticity of demand of apples be. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic?

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Microeconomics: Price elasticity of demand of apples-elastic-inelastic

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Microeconomics: Price elasticity of demand of apples-elastic-inelastic

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