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16 votes
P1=300 P2=1,000 Q1=100 Q2=90

User Phenomena
by
3.9k points

1 Answer

11 votes

Answer: -0.043

Step-by-step explanation:

You didn't really say what you really want to solve but looking at this, I believe it should be the price elasticity of demand.

The formula for calculating the price elasticity of demand will be:

= Percentage change in quantity demanded / Percentage change in price

Percentage change in quantity demanded = (90 - 100) / 100 × 100

= -10/100 × 100

= -10

Percentage change in price = (1000 - 300) / 300 × 100

= 700/300 × 100

= 233

Price elasticity of demand = -10/233 = -0.043

User Martijn Kooij
by
4.4k points