Answer to Question #280626 in Economics of Enterprise for rere

Question #280626

Price increases from $10 to $12 and the price elasticity of demand is -0.5. The quantity demanded is 450 units. What was it before?

Expert's answer

"E=\\frac{\\frac{Q2-Q1}{Q1}}{\\frac{P2-P1}{P1}}"

"-0.5=\\frac{\\frac{450-Q1}{Q1}}{\\frac{12-10}{10}}"

Q1=500

Learn more about our help with Assignments: Economics of Enterprise

No comments. Be the first!

Who Can Help Me with My Assignment

There are three certainties in this world: Death, Taxes and Homework Assignments. No matter where you study, and no matter…
How to Finish Assignments When You Can’t

Crunch time is coming, deadlines need to be met, essays need to be submitted, and tests should be studied for.…
How to Effectively Study for a Math Test

Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…