Help! Economics questions I dont understand?
2. Suppose that, at the current price, the price elasticity of demand for cucumbers is unit elastic. If price decreases by 1%, by what percent will quantity demanded increase?
3. Suppose that the market demand function for tires is q=20-1p. At a price of 10, what is the price elasticity of demand?
I dont understand these three questions...can someone please help? Thank you so much in advance!