Price Quantity Demanded Quantity Supplied $110 815 525 $125 620 $140 505 620 795 The above supply and demand schedule represent the market for webcams. When the price of a webcam decreases from $125 to $110, the quantity demanded increases from 620 to 815. What is the price elasticity of demand? (Round to two decimal places) When the price of a webcam increases from $125 to $140, the quantity supplied increases from 620 to 795. What is the price elasticity of supply? (Round to two decimal places)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Price Quantity Demanded Quantity Supplied
525
$110 815
$125 620
$140 505
620
795
The above supply and demand schedule represent the market for webcams.
When the price of a webcam decreases from $125 to $110, the quantity demanded increases
from 620 to 815. What is the price elasticity of demand? (Round to two decimal places)
When the price of a webcam increases from $125 to $140, the quantity supplied increases from
620 to 795. What is the price elasticity of supply? (Round to two decimal places)
Transcribed Image Text:Price Quantity Demanded Quantity Supplied 525 $110 815 $125 620 $140 505 620 795 The above supply and demand schedule represent the market for webcams. When the price of a webcam decreases from $125 to $110, the quantity demanded increases from 620 to 815. What is the price elasticity of demand? (Round to two decimal places) When the price of a webcam increases from $125 to $140, the quantity supplied increases from 620 to 795. What is the price elasticity of supply? (Round to two decimal places)
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