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calculating the price elasticity of demand coefficient. how do i?
I am not asking for the answer, I just would like a little help in how to figure it out please :
Assume P1 = $12, P2 = $10, Q1 = 3000, and Q2 = 8000. Using the midpoint formula, calculate the price elasticity of demand coefficient.
1 Answer
- PrivateBankerLv 79 years agoFavorite Answer
[(Q2 - Q1) / (Q2 + Q1)] / [(P2 - P1)/(P2 + P1)]
= [5,000/11,000] / [(2)/22]
= 0.45455 / (0.09091)
= (5.0)....conventionally, the arithmetic sign is ignored, so PEoD = 5.0
