Benny used to sell rubber boots at R125 per pair. At this price he was able to sell 50 pairs of boots per day. When he increases the price to R140 per pair, his sales decrease to 42 pairs per day. Use the point method to calculate the elasticity of this product.

Benny used to sell rubber boots at R125 per pair. At this price he was able to sell 50 pairs of boots per day. When he increases the price to R140 per pair, his sales decrease to 42 pairs per day. Use the point method to calculate the elasticity of this product.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

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