Homework Answers
Answer
elastic
decreases
===
The elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Change in quantity=150-200=-50
average quantity=(150+200)/2=175
change in price=50-40=10
average price=(50+40)/2=45
Elasticity of demand=((-50/175)/(10/45)
=-1.28571429
=1.29 (absolute value rounded to two decimal places)
the elasticity is above 1 so the demand is elastic
the demand is elastic and the price increases so the total revenue decreases
TR=P*Q
TR(200)=200*40=8000
TR(150)=150*50=7500
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