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Q: When the price of cafe lattes rises from 15 to 20 the quantity demanded decreased from 2000 to 1200 cafe lattes per day. Use this information to answer the following question. What is the price ela?
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Related questions

And quantity demanded is shown on?

And quantity demanded is shown on?


What is an increase in quantity demanded?

what in is an increase in quantity demanded


Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by?

25 percent


When quantity supplied is more than quantity demanded its called?

A quantity supplied is more than quantity demanded its called A Surplus.


At equilibrium price the quantity is demanded always equal to the quantity supplied?

Yes, the equilibrium price equates the quantity supplied to the quantity demanded.


Determinants of quantity demanded?

Equilibrium is defined to the price-quantity pair where the quantity demanded is equal to the quantity supplied, represented by the intersection of the demand and supply curves.


When quantity supplied exceeds quantity demanded there is?

surplus


When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?

Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%


The quantity of a product that will be purchased at a given price is the?

quantity demanded


When quantity supplied and quantity demanded are equal the market is in?

Equilibrium.


If the price is less than the equilibrium price what is the relatiionship of quantity supplied to quantity demanded?

If the price is low, suppliers may well not wish to supply the full quantity that is demanded by consumers.The quantity demanded and quantity supplied determines the equilibrium price in the market. The quantity where these two are equal, that is where the market price is set.


What is theory of demand in economics?

The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases