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Suppose that a store reduces the price of peanut butter from $4.5 to $3.9. As a result, quantity demanded increases from 200 to 240.

Using the point elasticity approach, calculate percentage change in price.

Your answer should be expressed in absolute value terms.

 

Hint




Suppose that a store decreases the price of laundry detergent from $4.4 to $3.4. As a result, quantity demanded increases from 220 to 230.

Using the point elasticity approach, calculate price elasticity of demand.

Your answer should be expressed in absolute value terms.

 

Hint