In the Wall Street Journal article about calculating Uber’s demand curve, the comment was made that...
In the Wall Street Journal article about calculating Uber’s demand curve, the comment was made that in reviewing the Uber data, they found that “doubling the fares decreased the number of riders by 40%.” Does that mean Uber’s demand is price sensitive (elastic) or price insensitive (inelastic)? Why? (2 points)
Homework Answers
ANSWER
Elasticity of Demand, Ed= Percentage change in quantity demanded / Percentage change in prices
so, Prices has doubled that means percentage change is 100%
Demand has fallen by 40%
so, Ed= 40/100
=0.4
Since Ed=0.4<1
This means that Uber's demand is price-insensitive (inelastic).
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