Question

Pearse x Word Docum Sapir x East Pearse X Course x Pearsex Coun x Elastic x wwdi.com/content/elasticity/w/1f1da33228b276793cf0060ca07771c0 elasticity/ Elasticity o wo Intro Overall Score: 0% Question 1.3: Use the information regarding the price change to calculate the price elasticity of demand for Wheat Bread. Round your answer to two decimal places (e.g, -3.02%). Price Elasticity of Demand for Wheat Bread: Check Answer Calculating Price Elasticity of Demand Item: Wheat Bread A loaf of whole wheat bread from a bakery. Old Price $2.50 $3.00 Quantity 175 150.72 - 14.91% New Price Elasticity of Demand ? Percentage Change 18.18%

Answer 1

- Price Elasticity of demand for wheat Bread? (10,1-16 ) [01] + [0] /2 = [Ed] (IPI - [Po ) (TPI) + (Po)/2 A = New Qo - Old Pi = New Po = old Quantity Quantity Price price

0.69 demanded Price Elasticity of demand = Ed = _ % change in Quantity 1. Change in Price = 7. Change in Quantity = 150.72-175x100_-13.87 175 - 1. change in Price = 3-2.50 x 100 = 20 2.50 Ed=&+ 13.87 – 0.69 20

- Alternate Method- Ed = - - Co & Po P.-Po ao P. C = new price=3 Po Co= old price = 2.50 A = New Quantity = 150.72 Co - Old Quantity= 175 150.72-175. 2. 50 - - 175 3- 2.50 +24. 28 2. So - 7 50 175 Ed = 6077 - 0.69 87.5
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