Suppose that a store reduces the price of laundry detergent from $4.5 to $3.5. As a result, quantity demanded increases from 220 to 250.

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

Your answer should be expressed in absolute value terms.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity

Suppose that a store decreases the price of laundry detergent from $4.1 to $3.9. As a result, quantity demanded increases from 180 to 240.

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

Your answer should be expressed in absolute value terms.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity