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Answer to Question #89669 in Microeconomics for prathu
Question #89669
Consider the following equations: Qd = 31 - 3P and Qs = 6 + 2P, where Qd = quantity demanded and Qs = quantity supplied, P = price
Demand Schedule
Price Quantity demanded
$250 1500
$200 2100
$150 2700
If price falls from $250 to $200, what is the elasticity of demand over this range?"
Demand Schedule
Price Quantity demanded
$250 1500
$200 2100
$150 2700
If price falls from $250 to $200, what is the elasticity of demand over this range?"
Expert's answer
(2100-1500)/1500 :(200-250)/250=-2
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