Quantity Demanded | Price $ | Elasticity of Demand ED 265 | 8 | XXXXXX 190 | 16 | 110 | 24 | 65 | 32 | 40 | 40 | Problem 2 b: Elasticity of Demand: Referencing the table shown above, calculate the Elasticity of Demand ED coefficients. (Round your answers to 2-places after the decimal and enter into the answer boxes in the table.) Formula: ED = %?QD ÷ %?P = [(Q2 - Q1) ÷ (Q2 + Q1)] ÷ [(P2 - P1) ÷ (P2 + P1)]
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For the first row: Qd / Q = 190 / 265 = 0.71698 P / Qd = 265 / 190 = 1.39474 For the second row: Qd / Q = 110 / 265 = 0.41509 P / Qd = 265 / 110 = 2.40909 For the third row: Qd / Q = 65 / 265 = 0.24528 P / Qd = 265 / 65 = 4.07692 For the fourth row: Qd / Q = Show more…
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