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CaHeK987 [17]
3 years ago
11

Suppose the price for an Lyft ride in Austin, TX decreases from $15 to $12 causing the quantity of rides demanded to increase fr

om 1000 to 1600. Using the midpoint method, the price elasticity of demand for an Lyft ride is ________.
Business
1 answer:
Inessa [10]3 years ago
8 0

Answer:

Midpoint value of price elasticity of demand = -2.07

Explanation:

We know,

Midpoint value of price elasticity = \frac{(Q_{2} - Q_{1})/[(Q_{2} + Q_{1})/2] }{(P_{2} - P_{1})/[(P_{2} + P_{1})/2] }

Given,

Original Price, P_{1} = $15

New Price, P_{2} = $12

Original Quantity demanded, Q_{1} = 1,000 units

New Quantity demanded, Q_{2} = 1,600 units

Putting the value in the above midpoint formula, we can get

Midpoint value of price elasticity = \frac{(1,600 - 1,000)/[(1,600 + 1,000)/2]}{(12-15)/[(12+15)/2]}

Midpoint value of price elasticity = \frac{600/1,300}{-3/13.5}

Midpoint value of price elasticity = \frac{0.46}{-0.22}

Midpoint value of price elasticity of demand = -2.07

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Why has America been referred to as " the land of opportunity"?
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Answer:

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