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4 years ago

Hello fellow Scholars, this is my question down below

Business

1 answer:

zhuklara [117]4 years ago

5 0

Answer:

Price elasticity of demand for good X is 1.57.

Explanation:

Price elasticity shows the percentage change in quantities purchased when price changes for a single unit. If we use midpoint formula, where:

Price elasticity of demand = percent change in quantity/ percent change in price

Percent change in quantity = Q 2 - Q 1 /(Q 2 + Q 1) / 2 * 100

Percent change in quantity = -100/350 * 100 = - 28.57

Percent change in price = P 2 - P 1/ (P 2 + P 1)/2 * 100

Percent change in price = 10/55 * 100 = 18.18

Price elasticity of demand = -1.57, but in absolute values this elasticity is 1.57.

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