In a local market, the monthly price of Internet access service decreases from $35 to $25,...
In a local market, the monthly price of Internet access service decreases from $35 to $25, and the total quantity of monthly accounts across all Internet access providers increases from 130,000 to 230,000. What is the value price elasticity of demand, expressed as a positive number? (Round your answer to two decimal places.)
Homework Answers
Given p1=$35 ; p2=$25
Q1=130,000 ; Q2=230,000
%change in quantity=(Q2-Q1)/(Q2+Q1)/2)100
=(230000-130000)/(230000+130000/2)100
=100000/180000×100
=55.55%
% change in price= (P2-P1)/(P2+P1/2)100
=($25-35/(25+35)/2)100
=-10/30×100
=-33.33%
Price elasticity of demand =%change in quantity/%change in price
=55.55%/-33.33%
=-1.6666666667
Round to two decimals=1.67
Therefore the price of elasticity of demand=1.67
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