At a price of $17.50 to play 18 holes on a golf course, 145 consumers pay...
At a price of $17.50 to play 18 holes on a golf course, 145 consumers pay to play a game of golf each day. Increasing the price to $22.00 causes the number of consumers to decline to 105.
What is the price elasticity of demand, expressed as a positive number? (Round you answer to two decimal places)
Homework Answers
Price elasticity = % change in the demand / %change in the price.
% change in demand = 105-145 / 105+145
= -40 / 250
= 0.16
%change in price = 22 - 17.50 / 22 +17.50
= 4.5 / 39.50
0.11
Price elasticity = 1.45.
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