The price of an iphone 12 is initially £1250 at which 3.8 million phones are sold. A year later the price of an iphone 12 is £950 at which 5.5 million phones are sold. What is the price elasticity of demand? a) -1.86 b) -0.54 c) -6.03 d) -1.90

When the local pizza parlor prices pizzas at $12 each, it generally sells 7000 pizzas per month. If it lowers the price to $10, sales increase to 9000 pizzas per month. Given this information, we know that the price elasticity of demand for pizza is about 1.38, and an increase in price from $10 to $12 results in a decrease in total revenue. 0.72, and an increase in price from $10 to $12 results in an increase in total revenue. 0.72, and an increase in price from $10 to $12 results in a decrease in total revenue. 1.38, and an increase in price from $10 to $12 results in an increase in total revenue.

The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and quantity demanded rises by 300 units. Calculate elasticity of demand.

The short run elasticity of demand between palm oil and soybean oil is 0.103. The quantity demanded for palm oil is 10 million metric tonnes at the current price USD 1480 per metric ton of soybean oil. Calculate the quantity demanded of palm oil if the price per metric ton of soybean oil decreases to USD 1400.