The average price for personal computers has recently decreased from $300 to $250. As a result,...
- The average price for personal computers has recently decreased from $300 to $250. As a result, the quantity of personal computers bought has increased by 20 percent. What would be the price elasticity of demand for personal computers?
Homework Answers
Answer : % changes in price = [(250 - 300) / 300] * 100
=> % changes in price = - 0.17 * 100 = - 17%
% changes in quantity demanded = 20%
Price elasticity of demand (Ed) = % changes in quantity demanded / % changes in price level
=> Ed = 20 / (-17)
=> Ed = - 1.2
Therefore, here the price elasticity of demand is - 1.2 .
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