Homework Answers
Answer
Option 2
======
The elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Change in quantity=500-400=100
average quantity=(400+500)/2=450
change in price=1.5-2.5=-1
average price=(1.5+2.5)/2=2
Elasticity of demand=(100/450)/(-1/2)
=-0.444444444
=-0.44
=0.44 (absolute value)
the elasticity is 0.44 and it is inelastic as the elasticity is
below 1 as the change in quantity is less than a change in price in
proportionate terms
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