It’s a crisis in a country and people’s earnings are falling. Due to this fact consumption of instant noodles has increased by 10% (i.e. the amount of instant noodles consumed has increased by 10%). Sales revenue of companies producing instant noodles has increased from 5.0 mEUR till 6.6 mEUR. What’s the price elasticity of demand for instant noodles in current situation?
Sample Solution
