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pychu [463]
3 years ago
12

If a $100 drop in the price of a $10,000 car resulted in an increase in the quantity of cars purchased from 100 to 110 and a $10

0 drop in the price of a $1000 vacation rental resulted in an increase in the quantity of weekly vacation homes rented from 100 to 110, the price elasticity of demand is:
Business
1 answer:
nordsb [41]3 years ago
5 0

Answer:

Price elasticity of demand is greater for the Car

Explanation:

Price elasticity of Demand = (Q2 - Q1/Q1) ÷ (P2 - P1/P1)

For the car,

PED = (110 - 100/100) ÷ (10000-9900/10000)

= 0.1 ÷ 0.01

= 10

PED = (110 - 100/100) ÷ (1000-900/1000)

= 0.1 ÷ 0.1

= 1

Since 10 > 1, hence the PED of the Car is greater than that of vacation homes.

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Imperfect markets may not follow the exact measurements of an actual or competitive possible market. If financial businesses were ideal, investors would be constantly and freely responsive to all erudition about any security for trade-in prime and corresponding businesses.

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