b) Price elasticity of demand: P₁ = $150, P₂ = $230, Q₁ = 4,000, Q₂ = 2,000. Use the midpoint formula for percent change and show all your work, then complete these sentences: ● ● ● %, When the price rose the Quantity demanded fell So demand is relatively. The price elasticity of demand = %. (elastic or inelastic)
b) Price elasticity of demand: P₁ = $150, P₂ = $230, Q₁ = 4,000, Q₂ = 2,000. Use the midpoint formula for percent change and show all your work, then complete these sentences: ● ● ● %, When the price rose the Quantity demanded fell So demand is relatively. The price elasticity of demand = %. (elastic or inelastic)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![b) Price elasticity of demand: P₁ = $150, P₂ = $230, Q₁ = 4,000, Q₂ = 2,000. Use the midpoint
formula for percent change and show all your work, then complete these sentences:
●
%,
When the price rose
the Quantity demanded fell
So demand is relatively
The price elasticity of demand =
%.
(elastic or inelastic)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F57ada3cb-5bf2-4872-af58-7ee63c1fe14d%2Fd5fe8519-9ec9-45ff-87bd-440c096f7dd4%2Fv2ubzpj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b) Price elasticity of demand: P₁ = $150, P₂ = $230, Q₁ = 4,000, Q₂ = 2,000. Use the midpoint
formula for percent change and show all your work, then complete these sentences:
●
%,
When the price rose
the Quantity demanded fell
So demand is relatively
The price elasticity of demand =
%.
(elastic or inelastic)
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