Formula to derive the elasticity

Reference no: EM13197681

The tire shop sells 50 tires a day at $75. After they raise the price on tires to $85, they now sell 46 tires a day.

What is the elasticity of tires at the tire shop?
A) Inelastic
B) Elastic
C) Unit Elastic
D) Perfectly Inelastic
E) Perfectly Elastic

Reference no: EM13197681

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Formula to derive the elasticity : The tire shop sells 50 tires a day at $75. After they raise the price on tires to $85, they now sell 46 tires a day. what is the elasticity of tires at the tire shop.

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