Price (dollars) 220 200 180- 160- 140- 120- 100- 80- 60- 40 20- Demand for GPS Units 240 Quantity (GPS units) 360 400 440 Instructions: Round your answers to two decimal places. If you are entering a negative number include a minus sign. a. Using the starting point formula, what is the price elasticity of demand for going from a price of $150 per unit to a price of $130 per unit? b. Using the starting point formula, what is the price elasticity of demand for going from a price of $130 per unit to a price of $150 per unit? c. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $150 per unit and a price of $130 per unit?

Price (dollars) 220 200 180- 160- 140- 120- 100- 80- 60- 40 20- Demand for GPS Units 240 Quantity (GPS units) 360 400 440 Instructions: Round your answers to two decimal places. If you are entering a negative number include a minus sign. a. Using the starting point formula, what is the price elasticity of demand for going from a price of $150 per unit to a price of $130 per unit? b. Using the starting point formula, what is the price elasticity of demand for going from a price of $130 per unit to a price of $150 per unit? c. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $150 per unit and a price of $130 per unit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Subject: e

Price (dollars)
220-1
200
180-
160-
140-
120-
100-
80
60
40-
20-
0
9
Demand for GPS Units
200 240 280 320 360 400 440
Quantity (GPS units)
Instructions: Round your answers to two decimal places. If you are entering a negative number include a minus sign.
a. Using the starting point formula, what is the price elasticity of demand for going from a price of $150 per unit to a price of $130 per
unit?
b. Using the starting point formula, what is the price elasticity of demand for going from a price of $130 per unit to a price of $150 per
unit?
c. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $150 per unit and a
price of $130 per unit?

d. Using the starting point formula, what is the price elasticity of demand for going from a price of $30 per unit to a price of $10 per
unit?
e. Using the starting point formula, what is the price elasticity of demand for going from a price of $10 per unit to a price of $30 per
unit?
f. Using the midpoint formula, what is the midpoint price elasticity of demand for GPS units between a price of $10 per unit and a price
of $30 per unit?

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