Question: the ownprice elasticity of demand for oranges is 45 if...
The own-price elasticity of demand for oranges is -4.5. If the price of oranges decreases by 2%, what will happen to the quantity of oranges demanded?
a. It will rise 9%
b. It will rise 2.25%
c. It will fall 9%
d. It will fall 2.25%
SHOW ALL WORK; state your formula and insert the values given to arrive at your answer?