the % change in price of spaghetti between prices of $18 and $20 is 10.53. the elasticity of demand between the prices of $18 and $20 is -1.69. So, what is the % change in the quantity of spaghetti when the price changes from $18 to $20?

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter16: Information, Risk, And Insurance
Section: Chapter Questions
Problem 20CTQ: A website offers a place for people to buy and sell emeralds, but information about emeralds can be...
icon
Related questions
Question
the % change in price of spaghetti between prices of $18 and $20 is 10.53. the elasticity of demand between the prices of $18 and $20 is -1.69. So, what is the % change in the quantity of spaghetti when the price changes from $18 to $20?
price
30
25
20
15
10
5
0
0
50
Reset to baseline
Print
100
Question 1
BASELINE
- CURRENT
Go to answer
150
Q
CURRENT VALUES
Price of spaghetti
Income
Price of tacos
Price of wine
Spaghetti demand
$20.00
$20,000
$6.00
$20.00
Income
Price of tacos
Price of wine
Spaghetti demand
21.72
BASELINE VALUES
$20,000
$6.00
$20.00
21.72
Transcribed Image Text:price 30 25 20 15 10 5 0 0 50 Reset to baseline Print 100 Question 1 BASELINE - CURRENT Go to answer 150 Q CURRENT VALUES Price of spaghetti Income Price of tacos Price of wine Spaghetti demand $20.00 $20,000 $6.00 $20.00 Income Price of tacos Price of wine Spaghetti demand 21.72 BASELINE VALUES $20,000 $6.00 $20.00 21.72
price
30
25
20
15
10
5 +
0
0
50
Reset to baseline
Print
100
Question 1
BASELINE
CURRENT
Go to answer
150
Q
CURRENT VALUES
Price of spaghetti
Income
Price of tacos
Price of wine
Spaghetti demand
$18.00
$20,000
$6.00
$20.00
Income
Price of tacos
Price of wine
Spaghetti demand
25.97
BASELINE VALUES
$20,000
$6.00
$20.00
25.97
Transcribed Image Text:price 30 25 20 15 10 5 + 0 0 50 Reset to baseline Print 100 Question 1 BASELINE CURRENT Go to answer 150 Q CURRENT VALUES Price of spaghetti Income Price of tacos Price of wine Spaghetti demand $18.00 $20,000 $6.00 $20.00 Income Price of tacos Price of wine Spaghetti demand 25.97 BASELINE VALUES $20,000 $6.00 $20.00 25.97
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Elasticity of demand
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax