Suppose the price of local cable tv service increased from $16.20 to $19.80 and as a result the number of cable subscribers decreased from 224,000 to 176,000. along this portion of the demand curve, price elasticity of demand is: 0.8. 1.2. 1.6. 8.0

b). Elasticity of demand is 1.2

Explanation:

Elasticity of demand measure the responsiveness of demand to a change in the price of the good.

It can be measures using the point method,

Elasticity of demand is 1.2.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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