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Answer in Microeconomics for syed ali #112772

Author:
April 21st, 2023

Price elasticity of demand is equal to change in quantity demand of a good as result of change in price of the good.

Ped= “frac{change in quanity demanded}{change in price}”

Change in quantity demanded = “frac{Q_i-Q_o}{(Q_o+Q_i)/2}times100”

=“frac{360-300}{(360+300)/2}times100”

=18.18

Change in price = “frac{P_i-P_o}{(P_i+P_o)/2}times100”

=“frac{108-120}{(108+120)/2}times100”

=-8.33

Ped= “frac{18.18}{-8.33}”

Ped= -2.18

Since the price elasticity of demand is greater than 1 in absolute value, the demand for Pepsi is elastic

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