Question
2. Calculating the price elasticity of demand: A step-by-stepguide Suppose that during the past year, the price of a laptop computer rose from $2,100 to
2. Calculating the price elasticity of demand: A step-by-stepguide
Suppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops.
Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.)
| Original | New | Average | Change | Percentage Change | |
|---|---|---|---|---|---|
| Quantity | |||||
| Price |
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
