Consider the market for laptops. Suppose that, due to a microchip shortage, laptop prices increased from $1,800 to $2,000. Over the same time period, laptop sales to consumers have decreased from 734,000 to 700,000 units. One way to calculate the elasticity of demand from these two points is to use the midpoint method (as discussed in the online lecture). Remember, use the absolute value for your answer. Using this method, the elasticity of demand for laptop computers is about: Select one: O. 1.27 Ob. 0.79 Oc. 2.48 Od. 0.45
Consider the market for laptops. Suppose that, due to a microchip shortage, laptop prices increased from $1,800 to $2,000. Over the same time period, laptop sales to consumers have decreased from 734,000 to 700,000 units. One way to calculate the elasticity of demand from these two points is to use the midpoint method (as discussed in the online lecture). Remember, use the absolute value for your answer. Using this method, the elasticity of demand for laptop computers is about: Select one: O. 1.27 Ob. 0.79 Oc. 2.48 Od. 0.45
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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