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Calculating the price elasticity of demand

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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

 

 

 

 

    

Reference no: EM133133212

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