pound of apples $3 than rises to $3.45 from 30 pounds of apples a month to 25 pounds of apples.?

0 ⤊

pound of apples $3 than rises to $3.45 from 30 pounds of apples a month to 25 pounds of apples.?

Calculate your price of elasticity of demand or apples. What can you say about the your price elasticity of demand of apples? Is it elastic, inelastic or Unitary elastic, be sure to show your work.

2006-10-14 12:27:41 · 2 answers · asked by corabrown00 1 in Social Science ➔ Economics

2 answers

Elasticity = percentage change of quantity divided by percentage change of price

5/30 / 0.45/3

0.1666/ 0.15

1.1111

Elasticity under 1 is inelastic
Elasticity equal to 1 is Unitary
Elasticity over 1 is elastic

The answer is over one so it is price elastic.

2006-10-14 14:22:59 · answer #1 · answered by JuanB 7 · 0⤊ 0⤋

2006-10-14 20:16:28 · answer #2 · answered by brunette 4 · 0⤊ 1⤋