Homework Answers
A)
price falls from $130 to $110 and quantity demanded rises from 140 to 180
price elasticity of demand= percentage change in quantity demanded/percentage change in price
= ((180-140)/140)÷((110-130)/130)
= (40/140)÷(-20/130)
= -1.85
B)
price rises from $110 to $130 and quantity demanded falls from 180 to 140
price elasticity of demand= percentage change in quantity demanded/percentage change in price
= ((140-180)/180)÷((130-110)/110)
= (-40/180)÷(20/110)
= -1.22
C.) Midpoint Formula for price elasticity of demand = ((Q2-Q1)/(Q2+Q1)÷(P2-P1)/(P2+P1))
P1= $130
P2= $110
Q1=140
Q2=180
Price Elasticity of demand= ((180-140)/(180+140))÷((110-130)/(130+110))
= ((40/320)÷(-20/240))
= -1.5
D)
price falls from $70 to $50 and quantity demanded rises from 260 to 300
price elasticity of demand= percentage change in quantity demanded/percentage change in price
= ((50-70)/70)÷((300-260)/260)
= -1.85
E)
price rises from $50 to $70 and quantity demanded falls from 300 to 260
price elasticity of demand= percentage change in quantity demanded/percentage change in price
= ((70-50)/50)÷((260-300)/300)
= -3
F.) Midpoint Formula for price elasticity of demand = ((Q2-Q1)/(Q2+Q1)÷(P2-P1)/(P2+P1))
P1= $70
P2= $50
Q1=260
Q2=300
Price Elasticity of demand= ((300-260)/(300+260))÷((50-70)/(50+70))
= ((40/560)÷(-20/120))
= -0.42
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