Define the price elasticity of demand for cotton

Reference no: EM131790662

Question: The price elasticity of demand for cotton is around 0.1. An increase in the price of cotton by 10% will cause which of the following to occur:

a) The quantity demanded of cotton will increase by 1%.

b) The quantity demanded of cotton will increase by 10%.

c) The quantity demanded of cotton will fall by 10%.

d) The quantity demanded of cotton will fall by 1%.

e)The demand of cotton will decline

Reference no: EM131790662

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