Suppose that during the past year, the price of a laptop computer fell from $2,950 to $2,450. During the same time period, consumer sales increased from 430,000 to 619,000 laptops.
;'
Answer Step 1 . Please find the Original Quantity and Price and New Price and Quantity filled in the appropriate boxes. The Original Quantity is 430,000 and the Original Price is $ 2,950. The New Quantity is 619,000 and the new price is $ 2,450.
Answer Step 2 . Please find the Average Quantity and Average Price filled in the appropriate boxes.
The Average Quantity is = 430000+ 619000/2
= 524,500
& The Average Price is = $ 2950 + $ 2450 / 2
= $ 2700.
Answer Step 3 . Please find the Change in Quantity and Price filled in the appropriate boxes.
The change in Original Quantity is = 619000 – 430000
= 189,000
&The change in Original Price is =$ 2450 – $2950
= - $ 500
Answer Step 4 . Please find the Percentage change in Quantity and Price filled in the appropriate boxes.
The Percentage change in Quantity = 43.95%
The Percentage change in Price= - 16.95%
Answer Step 5. The Price elasticity of demand = Percentage change in quantity demanded / percentage change in price.
= 43.95 / 16.95
= 2.59%
Suppose that during the past year, the price of a laptop computer fell from $2,950 to...
5. Calculating the price elasticity of demand: A step-by-stepguideSuppose that during the past year, the price of a laptop computer fell from $2,350 to $1,930. During the same time period, consumer sales increased from 436,000 to 537,000 laptops.
Suppose that during the past year, the price of a laptop computer fell from $2,100 to $1,820. During the same time period, consumer sales increased from 429,000 to 530,000 laptops.Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.)
2. Calculating the price elasticity of demand - A step-by-stepguide Suppose that during the past year, the price of a laptop computer fell from $2,350 to $1,930. During the same time period, consumer sales increased from 436,000 to 537,000 laptops. Calculate the elasticity of demand between these two price
Suppose that during the past year, the price of a laptop computer rose from $2,750 to $2,880. During the same time period, consumer sales decreased from 446,000 to 321,000 laptops.Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.)OriginalNewAverageChangePercentage ChangeQuantity Price
asticity and Its Application (Mobile-Enabled) ded Assignment l Due Tuesday 01 22 19 at 01 00 AM Attempts: Average: 12 2. Calculating the price elasticity of demand A step-by-stepguide Suppose that during the past year, the price of a laptop computer fell from $2,950 to $2,450. During the same time period, consumer sales increased from 430,000 to 619,000 laptops Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant...
2. Calculating the price elasticity of demand: A step-by-stepguideSuppose that during the past year, the price of a laptop computer fell from $2,350 to $1,930. During the same time period, consumer sales increased from 436,000 to 537,000 laptops.Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with...
2. Calculating the price elasticity of demand: A step-by-stepguide Suppose that during the past year, the price of a laptop computer fell from $2,300 to $2,030. During the same time period, consumer sales increased from 425,000 to 578,000 laptops. Calculate the elasticity of demand between these two price–quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change...
1. Calculating the price elasticity of demand: A step-by-step guide Suppose that during the past year, the price of a laptop computer fell from $2,650 to $2,270. During the same time period, consumer sales increased from 411,000 to 587,000 laptops. Calculate the elasticity of demand between this two price–quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the...
1. Calculating the price elasticity of demand: A step-by-step guide Suppose that during the past year, the price of a laptop computer rose from $2,750 to $2,940. During the same time period, consumer sales decreased from 450,000 to 322,000 laptops. Calculate the price elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. Percentage Change Absolute Change Average (in decimals) Quantity Demanded Price...
2. Calculating the price elasticity of demand - A step-by-stepguideSuppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops.Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers.OriginalNewAverageChangePercentage ChangeQuantity Price Step 1: Fill in the appropriate values for original quantity, new quantity, original...