The data below represent a demand schedule.
Product Price Quantity Demanded
$30 10
25 20
20 30
15 40
10 50

Instructions: Round your answers to 2 decimal places. Enter your answers as positive values (absolute values). Determine the price elasticity of demand between each of the following prices:

a. Between P1 = $30 and P2 = $25. Ed =
b. Between P1 = $25 and P2= $20, Ed =
c. Between P1 = $20 and P2 =$15, Ed=
d. Between P1 = $15 and P2 =$10, Ed =

The price elasticity of demand between each of the prices are as follows:

(a) Ed = 6.00

(b) Ed = 2.50

(c) Ed = 1.33

(d) Ed = 0.75

Explanation:

Price elasticity of demand (Ed) is given as % change in quantity demanded ÷ % change in price

(a) % change in price = (P2-P1)/P1 × 100 = (25-30)/30 × 100 = -5/30 × 100 = -16.67%

% change in quantity demanded = (Q2-Q1)/Q1 × 100 = (20-10)/10 × 100 = 100%

Ed = 100% ÷ -16.67% = -6.00

Ed = 6.00

(b) % change in price = (20-25)/25 × 100 = -5/25 × 100 = -20

% change in quantity demanded = (30-20)/20 × 100 = 10/20 × 100 = 50%

Ed = 50% ÷ -20% = -2.50

Ed = 2.50

(c) % change in price = (15-20)20 × 100 = -5/20 × 100 = -25%

% change in quantity demanded = (40-30)30 × 100 = 10/30 × 100 = 33.33%

Ed = 33.33% ÷ -25% = -1.33

Ed = 1.33

(d) % change in price = (10-15)/15 × 100 = -5/15 × 100 = -33.33%

% change in quantity demanded = (50-40)/40 × 100 = 10/40 × 100 = 25%

Ed = 25% ÷ -33.33% = -0.75

Ed = 0.75

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answer; closing the loop;