Suppose the price of a box of cereal rises by 40 nd the price elasticity of demand is 2 the percentage change in the quantity demanded is 80%
What is Quantity Demand?
The quantity required is the amount of a good or service that consumers are willing to purchase at a specific price and moment in time. At one point in time, different amounts may be required at various prices. The demand curve is created when all of the prices and quantities demanded are shown on a graph. Depending on variables like the recession, shifts in customer preferences, etc., the quantity needed may alter while maintaining the same price.
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