Homework Answers
Answer
The correct answer is 1.296
The elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Change in quantity=7000-6500=500
average quantity=(7000+6500)/2=6750
change in price=17-18=-1
average price=(17+18)/2=17.5
Elasticity of demand=(500/6750)*(17.5/-1)=-1.2962~-1.296
The negative sign is an indicator of the negative relationship between the price and quantity demanded.
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