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Sphinxa [80]
3 years ago
14

When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity demanded is 100

units per month. using the midpoint method, the price elasticity of demand is about
a. 1.83.
b. 2.
c. 10.
d. 0.55?

Business
1 answer:
Gre4nikov [31]3 years ago
6 0
Price elasticity can be calculated using the attached formula where:
the first term represents the % change in quantity and the second term represents the % change in price

% change in quantity = (100-120) / (220/2) = -2/11 x 100 = -18.1818%
% change in price = (7-5) / (12/2) = 33.3333%

price elasticity = 18.1818/33.3333 = 0.55

Note that the price elasticity is usually taken as an absolute value.

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