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Answer to Question #219916 in Economics for Mine
Question #219916
Using ARC ELASTICITY FORMULA What is the price elasticity of demand when the price changes from $4 per item to $5 per item?
Expert's answer
If price changes from $4 per item to $5 per item, then to calculate the price elasticity of demand using arc elasticity formula, we need to know the change in quantity demanded.
"Arc Ed = \\frac{Q2 - Q1} {P2 - P1} \u00d7\\frac{(P2 + P1) \/2} {(Q2 + Q1)\/2}."
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