Introduction to Economics 1 Deneme Sınavı Sorusu #1274987

For a price P1=100, quantity demanded of a good is Q1=20. Then the price increases, and it becomes P2=150. Quantity demanded decreases to Q2=8. The price elasticity of demand using the mid-point approach is approximately:

-7,8

10,3

-2,1

-1

Yanıt Açıklaması:

Using the mid-point approach, the formula to calculate the price elasticity of demand is:(Q2 -Q1 )/(Q2 +Q1 )/ 2 divided by (P2 - P1 )/(P2 + P1 )/2. Using this formula, the result is -2,1.

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SORUNUN CEVABI: D

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Introduction to Economics 1 Deneme Sınavı Sorusu #1274987

For a price P1=100, quantity demanded of a good is Q1=20. Then the price increases, and it becomes P2=150. Quantity demanded decreases to Q2=8. The price elasticity of demand using the mid-point approach is approximately:

SORUNUN CEVABI: D

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