The price elasticity of demand for this product is approximately will be 1.
The price elasticity is given as
[tex]\rm PE = \dfrac{\dfrac{Q_f-Q_i}{Q_f+Q_i}}{\dfrac{P_f-P_i}{P_f+P_i}}\\\\\\[/tex]
The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit.
The price elasticity of demand for this product is approximately will be
[tex]\rm PE = \dfrac{\dfrac{1500-1000}{1500+100}}{\dfrac{1.5-1}{1.5+1}}\\[/tex]
On further solving, we have
PE = (500 / 2500) x (2.5 / 0.5)
PE = 1
The price elasticity of demand for this product is approximately will be 1.
More about the price elasticity link is given below.
https://brainly.com/question/13565779
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