Exercise 1

When the price of good X is RM 500, the quantity demanded is 300 units. An increased of RM 100 in price to RM 600 does not change the quantity demanded of X. Calculate the price elasticity of demand for good X.

When the price of good X increases from RM 500 to RM 600, the quantity demanded decreases from 300 units to 280 units. Calculate the price elasticity of demand for good X.

When the price of good X increases from RM 500 to RM 505, the quantity demanded decreases from 300 units to 297 units. Calculate the price elasticity of demand for good X.

When the price of good X increases from RM 500 to RM 520, the quantity demanded decreases from 300 units to 240 units. Calculate the price elasticity of demand for good X.