The price elasticity is -0.71 means
A. an increase in price by TK. 1 increase the demand by TK. 0.71
B. an increase in price by 1% reduces the demand by TK. 0.71%
C. an increase in price by TK. 0.71 reduces the demand by TK. 1
D. an inrease in price by TK. 0.71% increase the demand by 1%
E. a decrease in demand by 0.71% reduces the price by TK. 1
সঠিক উত্তরঃ
B.
an increase in price by 1% reduces the demand by TK. 0.71%
Explanation:
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