Formula of percentage change in price- NOTAS importantes

.docx
School
Brigham Young University, Idaho **We aren't endorsed by this school
Course
ECON 150
Subject
Economics
Date
Oct 14, 2023
Pages
4
Uploaded by SuperHumanScorpionMaster1393 on coursehero.com
Formula of percentage change in price! New price - original price / original price * 100 50-60/60 = -10/60 0.16*100 = 16.666% Formula of percentage change in the quantity demanded! New quantity - original quantity/original quantity *100 10/20*100 = 50% Price elasticity of demand Percentage in quantity demanded/ percentage change in price. 50%/-16.66% = 3 quantity elasticity of demand is always negative because the law of demand or the inverse d=relationship between demand and price.
Price elasticity of demand (Midpoint of demand) ELASTICIT, UNELASTIC AND UNI-LASTIC CROSS PRICE ELASTICITE SUBSTITUTES + COMPLEMENTS -
INFERIOR GOOD RELATED WITH ELASTICITY INCREASE BY 20% = 10*2
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