Answer:
The price elasticity demand for the Dulles Airport Greenway = -0.33
Step-by-step explanation:
Price elasticity of demand is the ratio of how much the quantity of good demanded changes compared to the original demand divided by the change in price compared to the original price of the good.
Mathematically,
Price elasticity of demand = (ΔQ/Q) ÷ (ΔP/P)
ΔQ = Change in quantity demanded = 20000 - 18000 = 2000
Q = initial quantity demanded = 18,000
ΔP = Change in price = 1.5 - 2.25 = -$0.75
P = Original price = $2.25
price elasticity of demand
= (2000/18000) ÷ (-0.75/2.25)
= - 0.3333
Hope this Helps!!!
