Homework Answers
Answer
Elasticity of demand=(change in quantity/average
quantity)/(change in price/average price)
Change in quantity=26-15=11
average quantity=(26+15)/2=20.5
change in price=2-5=-3
average price=(2+5)/2=3.5
Elasticity of demand=(11/20.5)/(-3/3.5)
=-0.62601626
=-0.62
the price elastctiy of demand is -0.62
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