Suppose that during the past year, the price of a laptop computer fell from $2,350 to $1,930. During the same time period, consumer sales increased from 436,000 to 537,000 laptops.

Calculate the elasticity of demand between these two price

-1.06

Explanation:

The computation of the elasticity of demand between these two price is shown below:

                   (A)           (B)      (A + B) ÷ 2 (B - A)

Particulars Original  NewAverageChangePercentage in change

Quantity43600053700048650010100020.76%

Price$2,350$1,930$2,140$-420-19.63%

As we know that

Price elasticity of demand = (Percentage change in quantity demanded) ÷ (percentage change in price)

= 20.76%  ÷ - 19.63%

= -1.06

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answer; comparing the additional benefits and costs;