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Price elasticity of demand question

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Price elasticity of demand question:

Lets say that the price decreased from $200 to $160 (20% decrease) on Beats by Dre headphones. This obviously would cause an increase of quantity demanded and I am to estimate it off of the determinants of demand (no data). Determinants of demand that I have included which is income, substitutes, advertising, price, consumer preferences.

  • What would you put as the percentage increase in quantity demanded and why? 
  • What is the quantified elasticity number and how can you justify that number?

Reference no: EM131426857

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Price elasticity of demand question : Lets say that the price decreased from $200 to $160 (20% decrease) on Beats by Dre headphones. This obviously would cause an increase of quantity demanded and I am to estimate it off of the determinants of demand (no data). Determinants of demand ..
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