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Business, 02.05.2021 07:30 starsinopoli13

From 800 to 100 800 1000
30 25

25-30÷30 = 0.1667 16.7% 0.1667 ÷ 0.25 = 0.667
1000-800÷800 = 0.25 25.0%
Answer = 0.667 or 66.7%

Referring to your calculation in question 5, explain the concept of ‘price elasticity of
demand’ and its relevance to Silver Arrow if market prices were to change from £800 to £1,000 per bicycle?

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Answers: 1

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You know the right answer?
From 800 to 100 800 1000
30 25

25-30÷30 = 0.1667 16.7% 0.1667 ÷ 0.25 = 0.667
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