When prices of used cars dropped about 10 percent in October 2001, their sales increased by 4.5

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When prices of used cars dropped about 10 percent in October 2001, their sales increased by 4.5 percent. Does this mean that the demand elasticity for used cars is 0.45?

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Managerial Economics

ISBN: 978-0133020267

7th edition

Authors: Paul Keat, Philip K Young, Steve Erfle

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Question Posted: Jun 20, 2016 12:28 AM

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When prices of used cars dropped about 10 percent in October 2001, their sales increased by 4.5

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To conclude we can say that there is the diffe...View the full answer

Managerial Economics

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