Business, 30.06.2021 01:10 unknown6669

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws

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Answer from: 24jameb

The price elasticity of demand is -9.00.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

The table below shows the weekly demand for machine screws at the local hardware store.

Price (dollars per pack of 100 screws) Quantity (packs of 100 screws)

$5.00 0

4.50 60

4.00 120

3.50 180

3.00 240

2.50 300

2.00 360

1.50 420

1.00 480

0.50 540

0.0 600

Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws:

The explanation of the answer is now provided as follows:

New quantity = 120

Old quantity = 60

New price = $4.00

Old price = $4.50

Using the formula for calculating the starting point method for elasticity of demand, we have:

Price elasticity of demand = ((New quantity - Old quantity) / (New price - Old price)) * (Old price / Old quantity) = ((120 - 60) / (4.00 - 4.50)) * (4.50 / 60) = -9.00

Therefore, the price elasticity of demand is -9.00.

Answer from: Quest

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Answer from: Quest

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Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a p...

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