Homework Answers
% change in price = [(current price - previous price) / previous price] x 100
% change in quantity demanded
= [(current quantity demanded - previous quantity demanded) / previous quantity demanded] x 100
Elasticity of demand = % change in quantity demanded / % change in price
Total expenditure = Price x Quantity demanded
The above formula are used to complete the table:
| PRICE | QUANTITY DEMANDED | TOTAL EXPENDITURE | % CHANGE IN PRICE | % CHANGE IN QUANTITY DEMANDED | ELASTICITY OF DEMAND |
| 11 | 1 | 11 | - | - | - |
| 9 | 3 | 27 | -18.18 | 200 | -200 / 18.18 = -11.001 |
| 7 | 5 | 35 | -22.22 | 66.66 |
-66.66 / 22.22 = -3 |
| 5 | 7 | 35 | -28.57 | 40 | -40 / 28.57 = -1.4 |
| 3 | 9 | 27 | -40 | 28.57 | -28.57 / 40 = -0.714 |
| 1 | 11 | 11 | -66.66 | 22.22 | -22.22 / 66.66 = -0.33 |
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