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Answer in Microeconomics for syed ali #112773

Author:
April 21st, 2023

Elasticity of demand refers to the responsive change of quantity demanded as a result of changes in factors affecting the demand. One of the factor that influence the demand is the price.

The Price elasticity of demand is calculated using the following formula:

“text{Arc price elasticity of demand}=dfrac{Delta Q}{Delta P}*dfrac{bar{P}}{bar {Q} }”

“bar{P} bar {Q}” are the price and the Quantity mid point.

“text{Arc price elasticity of demand}=dfrac{360-300}{108-120}*dfrac{ dfrac{120+108}{2}}{dfrac{360+300}{2}}”

“text{Arc price elasticity of demand}=dfrac{60}{-12}* dfrac{114}{330}”

“text{Arc price elasticity of demand}=-1.73”

Therefore, since the elasticity is more than 1 in absolute terms, then we can conclude that the type of elasticity is elastic in nature.

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