ECO 204 Week 1 Assignment Demand Elasticity
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Demand elasticity
Principles of Microeconomics
ECO204
YOUR NAME
December 6, 2010
Price Elasticity of Demand is defined as:
Points
Shoe Sales per Week
Price per Pair ()
0
70
A
100
60
B
200
50
C
300
40
D
400
30
E
500
20
F
600
10
a) Calculate demand elasticity using the midpoint formula between points A & B, between points C & D, and between points E & F.
1) Between points A & B:
Sales % between A and B
200-100100
2001003002 150
100150
Price % between A and B
50-60-10
5060110255
-1055
Answer: -3.7
2) Between points C & D:
Sales % between C and D
400-300100
4003007002 350
100350
Price % between C and D
30-4010
304070235
1035
Answer: 1.0
3) Between points E & F:
...
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