sprockets are known to have relatively elastic demand when their price increases from $1 to $2. what must be true of the change in quantity demanded over this price range?

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10-12-2022
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sprockets are known to have relatively elastic demand when their price increases from $1 to $2. what must be true of the change in quantity demanded over this price range?

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arenasaleem890 arenasaleem890 · Answer 1 · 2022-12-16T07:53:58+01:00

The percentage change in the quantity demanded must be more than 100% in order for there to be a value of elasticity greater than unity.

The difference that results after deducting the old value from the new value, dividing by the old value, then multiplying the result by 100 to show it as a percentage, is what is known as a percentage change. A fraction is often multiplied by 100 to become a percent. A stock's price change over time, stated as a percentage, is a common application of percentage change in finance. Depending on whether the change is an increase or a drop, the formula used to calculate this change as a percentage differs slightly.

When tracking the rise or fall in value of a company or significant market index over time, financial professionals frequently employ percentage change.

learn more about percentage change here

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