How do I calculate the price elasticity in this chart? and how do I graph the results? P Q Price Total Elasticity Revenue $9.00 1 - 9 $8.00 2 16 $7.00 3 21 $6.00 4 24 $5.00 5 25 $4.00 6 24 $3.00 7 21 $2.00 8 16 Back
How do I calculate the price elasticity in this chart? and how do I graph the results? P Q Price Total Elasticity Revenue $9.00 1 - 9 $8.00 2 16 $7.00 3 21 $6.00 4 24 $5.00 5 25 $4.00 6 24 $3.00 7 21 $2.00 8 16 Back
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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How do I calculate the price elasticity in this chart? and how do I graph the results?
P | Q | Price | Total | |
Elasticity | Revenue | |||
$9.00 | 1 | - | 9 | |
$8.00 | 2 | 16 | ||
$7.00 | 3 | 21 | ||
$6.00 | 4 | 24 | ||
$5.00 | 5 | 25 | ||
$4.00 | 6 | 24 | ||
$3.00 | 7 | 21 | ||
$2.00 | 8 | 16 |
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