Asked by susie quick
please show me how to calculate price elasticity of demand of $3.00 increase to $3.50
Answers
Answered by
Debbie
percent change in quantity demanded/percent change in price=
(20-35)/35/(3.5-3)/3.5 =
-15/35/0.5/3.5=
-demand is elastic becausenit is less than -1
(20-35)/35/(3.5-3)/3.5 =
-15/35/0.5/3.5=
-demand is elastic becausenit is less than -1
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