When the price of one pack of instant noodles rises from $3 to $5 ,Andy will reduce the number of packages he buys from 10 packs to 4 packs. What is Andy's price elasticity of demand for instant noodles ??
( Use the Average price and quantity method to calculate the price elasticity of demand )
What kind of elasticity of demand is it ?
F.4 econ
2007-11-08 5:07 am
回答 (2)
2007-11-08 6:37 pm
✔ 最佳答案
elasticity of demand = change in quantity demanded/change in price = (4-10)/10 / (5-3)/3
=-0.9
Hence, it is inelastic demand as absolute value of elasticity of demand is smaller than one.
2007-11-11 12:46 am
Wrong answer. Should use average price and qty.
(6 / 7) / (2 /4) = 1.714
(6 / 7) / (2 /4) = 1.714
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