When a certain brand of dog food sells for $20 per bag, 10,000 units are sold; when the price changes to $22, 7000 units are sold. Calculate price elasticity of demand for the dog food, carefully folowing all numeric instructions. Enter only numbers, a decimal point, and/or a negative sign as needed. Round your answer to two decimal places as necessary; if you round on intermediate steps, use four places.
When a certain brand of dog food sells for $20 per bag, 10,000 units are sold; when the price changes to $22, 7000 units are sold. Calculate price elasticity of demand for the dog food, carefully folowing all numeric instructions. Enter only numbers, a decimal point, and/or a negative sign as needed. Round your answer to two decimal places as necessary; if you round on intermediate steps, use four places.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:When a certain brand of dog food sells for
$20 per bag, 10,000 units are sold; when
the price changes to $22, 7000 units are
sold. Calculate price elasticity of demand
for the dog food, carefully folowing all
numeric instructions.
Enter only numbers, a decimal point,
and/or a negative sign as needed. Round
your answer to two decimal places as
necessary; if you round on intermediate
steps, use four places.
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