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gregori [183]
3 years ago
14

59. A poultry rancher discovered that when she increased the price of organic eggs from $0.75 to $1.00 per dozen, the sales of h

er eggs fell from 300 dozen per week to 200 dozen per week. Her price elasticity of demand (using the midpoint method) would be:
Business
1 answer:
oee [108]3 years ago
5 0

Answer:

PED = -1.4 or |1.4| in absolute values, price elastic

Explanation:

the price elasticity of demand (PED) using the midpoint method:

PED = % change in quantity / % change in price

  • % change in quantity = {(Q 2 − Q1 ) / [(Q2 + Q1)/2]} x 100 = {(200 − 300 ) / [(200 + 300)/2]} x 100 =  -100 / 250 = -0.4
  • % change in price = {(P2 − P1 ) / [(P2 + P1)/2]} x 100 = {(1 − 0.75 ) / [(1 + 0.75)/2]} x 100 = 0.286

PED = -0.4 / 0.286 = -1.4 or |1.4| in absolute values

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