Mapoob sapling learning Use the demand curve to answer the questions, based on t

Question

Mapoob sapling learning Use the demand curve to answer the questions, based on the midpoint method. Remember to include a negative sign when needed Calculate the percentage change in quantity demanded moving from point A to point B Price ($) Number 40 16 15 Calcula between points A and te the percentage change in price Number Calculate the price elasticity of demand 0 50 0 150 200 250 300 350 400 450 500 Number There is a hint available! View the hint by clicking on the bottom divider bar. Click on the divider bar again to hide the hint. Close Previous Give Up & View Solution Check Answer Next Exit

Explanation / Answer

1) Percentage change in quantity demanded moving from Point A to point B:-

(Change in Quantity Demanded/Original Quantity) =(100/200)=50%

2) Percentage change in price moving from Point A to Point B

(Change in Price/Original Price)=(-5/15)= -33%

3) Price elasticity of demand

Percentage change in Quantity Demanded/Percentage change in Price=(50/-33)= -1.515%

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