Suppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops.

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22-06-2022
Business

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Suppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops.

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ewomazinoade ewomazinoade · Answer 1 · 2022-07-04T17:07:21+02:00

The price elasticity of demand for laptops is -1.34.

What is the price elasticity?

Price elasticity of demand measures the how quantity demanded changes when there is a change in the price of the good.

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price

Midpoint change in quantity demanded = change in quantity demanded / average of both demands

change in quantity demanded = 363,000 - 470,000 = -107,000
average of both demands = (363,000 + 470,000) / 2 = 416500
Midpoint change in quantity demanded = (107,000 / 416500) = -0.26

Midpoint change in price = change in price / average of both price

change in price = 2550 - 2100 = 450
average of both prices = (2550 + 2100) / 2 = 2325

Midpoint change in price = 450 / 2325 = 0.19

Price elasticity of demand = 0.26 / 0.19 = -1.34

Here is the complete question:

Suppose that during the past year, the price of a laptop computer rose from $2,100 to $2,550. During the same time period, consumer sales decreased from 470,000 to 363,000 laptops. Calculate the price elasticity of demand.

To learn more about price elasticity of demand, please check: https://brainly.com/question/18850846

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