Homework Answers
5.
Price elasticity of demand = % change in quantity demanded / % change in price
Price elasticity of demand = ((125-175)/(125+175)/2) / ((12-8)/(12+8)/2) (Midpoint method is used to calculate the elasticity)
Price elasticity of demand = -.83
So, value of price elasticity of demand is less than 1 in absolute value. It makes quantity demanded to be relatively inelastic.
===
Total revenue at old price = 8*175 = $1400
Total revenue at new price = 12*125 = $1500
It is making the revenue to increase with decrease in price.
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