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| Topic: |
Business
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| Number of pages / Number of words: |
2 / 528 |
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To calculate the price elasticity of demand:
Percent change in quantity = [( 30 ? 21 ) / 30 ] * 100 = 30 %
Percent change in price = [( 3 ? 3.45 ) / 3 ] * 100 = 15 %
Hence, price elasticity of demand = 30 / 15 = 2
Result: the price elasticity of demand is ELASTIC. This is because as the price increased, the quantity demanded decreased by more than 1 percent (Samuelson & Nordhaus, 1989)...
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This is because as the price increased, the quantity demanded decreased by more than 1 percent (Samuelson & Nordhaus, 1989).
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