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11. in measuring price elasticity (1) price is a dependent variable and quantity is an independent variable c (2) price is an independent variable and quantity
11. In measuring price elasticity (1) price is a dependent variable and quantity is an independent variable C (2) price is an independent variable and quantity is a dependent variable (3) price and quentity both are independent variables (4) price and quantity both are dependent variables
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Nidhi taparia Best Answer
The correct answer is (2). When we consider price elasticity, we are seeing how much does quantity change, with a change in price. That means, price is the independent variable (the one that causes change) and quantity is the dependent variable (the one that changes because of the other).