T is estimated that if the price of a bar of chocolate is changed by 4%, demand will alter by 6%. * a. Calculate the price elasticity of demand of this bar of chocolate

Price elasticity of demand = 0.67

Explanation:

Given the following data;

Percentage change in price = 4%

Percentage change in demand = 6%

To find the price elasticity of demand;

A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.

Mathematically, the price elasticity of demand is given by the formula;

Substituting into the equation, we have;

Price elasticity of demand = 0.67

explanation:

with the profits from the european sales, merchants purchased europe's manufactured  goods, including tools and weapons. then the merchants shipped those manufactured  goods, along with the  american  sugar and rum, to west africa where they were bartered for  slaves.

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