If the price of a bicycle changes from N120 to N80 and qu...
If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is
66.7
0.5
1.5
2.0
Correct answer is D
Change in price = 120- 80 = 40
Change in quantity = 500 - 300 = 200
% change = 40/100 = 0.4
200/100 = 2
0.4/2 = 0.2
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