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ME EKSOL MGM101H C Get Homework Hel b a m weblogin idpzUni T Top Hat x + - 0 Question 7 Homework – Unanswered - Due in 15 houE EKSOL MGMIOTH: C Get Homework Helb weblogin idpz | Uni T Top Hat x + - A Question 7 Homework - Unanswered. Due in 15 hoursME B EKSOL MGM101H! Get Homework Hel / weblogin idpzUni T Top Hat x + - 0 X Question 7 Homework – Unanswered - Due in 14 hour

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Answer #1

% 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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