Homework Answers
Q when price was 75 = 11250 / 75 = 150
Q when price was 95 = 12350 / 95 = 130
Elasticity = [(q2-q1)/((q2+q1)/2)] / [(p2-p1) / ((p2+p1)/2)]
= [(130-150)/((130+150)/2)] / [(95-75) / ((95+75)/2)]
= [ -20/ 140] / [20 / 85]
= -0.60714
Assolute value = 0.60714 ~ 0.608
Second option is correct answer
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