When the price of a diamond ring rises from $ 2 comma 000 to $ 3 comma 000, the quantity demanded decreases from 13 comma 000 to 7 comma 000. Use this information to calculate the price elasticity of demand.

0.92

Step-by-step explanation:

The formula is demand% divided by price %

so

change / original = 6000 divided by 13000 = 6/13 x 100 = 46.154%

again for price ...

change / original = 1000 divided by 2000 = 1/2 x 100 = 50%

46.154 divided by 50 = 0.92308

therefore it is price in elastic as it is less than 1

hope this helps!

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!