Question

If a price increase from $8 to $10 causes quantity demanded to fall from 200 to 160, what is the absolute value of the own price elasticity at a price of $8 and a quantity of 200?

Name: if a price increase from 8 to 10 causes quantity demanded to fall from 200 to 160 what is the absolute value of the own price elasticity at a price of 8 and a quantity of 200 54508
Uploaded: 2022-08-10T00:26:10-08:00
Duration: 2 min 3 s
Channel: Andrew Davis
Description: if a price increase from 8 to 10 causes quantity demanded to fall from 200 to 160 what is the absolute value of the own price elasticity at a price of 8 and a quantity of 200 54508

          If a price increase from $8 to $10 causes quantity demanded to fall from 200 to 160, what is the absolute value of the own price elasticity at a price of $8 and a quantity of 200?

Added by Sean G.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Andrew Davis

08/10/2022

Step 1

Step 1: Calculate the percentage change in quantity: \[ \text{Percentage change in quantity} = \frac{160 - 200}{200} \times 100\% = -20\% \] Show more…

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If a price increase from $8 to $10 causes quantity demanded to fall from 200 to 160, what is the absolute value of the own price elasticity at a price of $8 and a quantity of 200?