The information listed below recurrent a demand also schedule. Product Price Quantity Demanded \$30 10 25 20 20 30 15 40 10 50 Instructions: Round your answers to 2 decimal places. Enter your answers as positive worths (absolute values). Determine the price elasticity of demand also between each of the following prices: a. Between P1 = \$30 and also P2 = \$25. Ed = b. Between P1 = \$25 and also P2= \$20, Ed = c. Between P1 = \$20 and P2 =\$15, Ed= d. Between P1 = \$15 and P2 =\$10, Ed =

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The price elasticity of demand also in between each of the prices are as follows:

(a) Ed = 6.00

(b) Ed = 2.50

(c) Ed = 1.33

(d) Ed = 0.75

Explanation:

Price elasticity of demand also (Ed) is offered as % change in quantity demanded ÷ % change in price

(a) % readjust in price = (P2-P1)/P1 × 100 = (25-30)/30 × 100 = -5/30 × 100 = -16.67%

% adjust in amount demanded = (Q2-Q1)/Q1 × 100 = (20-10)/10 × 100 = 100%

Ed = 100% ÷ -16.67% = -6.00

Ed = 6.00

(b) % adjust in price = (20-25)/25 × 100 = -5/25 × 100 = -20

% adjust in amount demanded = (30-20)/20 × 100 = 10/20 × 100 = 50%

Ed = 50% ÷ -20% = -2.50

Ed = 2.50

(c) % adjust in price = (15-20)20 × 100 = -5/20 × 100 = -25%

% readjust in amount demanded = (40-30)30 × 100 = 10/30 × 100 = 33.33%

Ed = 33.33% ÷ -25% = -1.33

Ed = 1.33

(d) % adjust in price = (10-15)/15 × 100 = -5/15 × 100 = -33.33%

% readjust in amount demanded = (50-40)/40 × 100 = 10/40 × 100 = 25%

Ed = 25% ÷ -33.33% = -0.75

Ed = 0.75

a. Price Elasticity of Demand = 6 (elastic)

b. Price Elasticity of Demand also = 2.5 (elastic)

C. Price Elasticity of Demand = 1.3 (elastic)

d. Price Elasticity of Demand = 0.75 (inelastic)

Explanation:

Price elasticity of demand also = % readjust in quantity demanded split % change in price.

% change in Qty demanded = <(Q2 minus Q1) all separated by Q1 > *100%

% adjust in Price = <(P2 minus P1) all divided by P1 > *100%

a. % readjust in Qty demanded = <(20 - 10)/10 x 100%> = 100%

% adjust in Price = <(25 - 30)/30 x 100%> = -16.67%

Price Elasticity of Demand also = 100% / -16.67% = 6

This implies the product is very elastic being exceptionally much from 1. And this is apparent because just a 16.67% drop in price resulted in a 100% increase in Volume

b. % change in Qty demanded = <(30 - 20)/20 x 100%> = 50%

% change in Price = <(20 - 25)/25 x 100%> = -20%

Price Elasticity of Demand = 50% / -20% = 2.5

This indicates the product is extremely elastic being extremely much from 1. And this is evident since only a 20% drop in price caused a 50% increase in Volume

c. % readjust in Qty demanded = <(40 - 30)/30 x 100%> = 33.3%

% change in Price = <(15 - 20)/20 x 100%> = -25%

Price Elasticity of Demand also = 33.3% / -25% = 1.3

This implies the product is elastic being over 1. And this is evident because only a 25% drop in price brought about a 33.3% boost in Volume

d. % change in Qty demanded = <(50 - 40)/40 x 100%> = 25%

% adjust in Price = <(10 - 15)/15 x 100%> = -33.3%

Price Elasticity of Demand = 25% / -33.3% = 0.75

This indicates the product is inelastic being less than 1. And this is evident considering that a 33.3% drop in price resulted in only a 25% rise in Volume

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