Economics Elasticty Question

• Mar 4th 2009, 07:13 PM
cmschlatt
Economics Elasticty Question
Hello all, I have a problem here that seems horribly simple, but when I input my answer, I get it incorrect.
The equation my teacher gave for elasticity is:
(%change in quantity demanded)/(%change in price)
It may be that I made a typo when inputting my answer but I'd rather not take a chance. Problem is attached as a screenshot.
All help is greatly appreciated.
Chris

Note: This is not a test for school, but a quiz in which we receive three attempts.
• Mar 4th 2009, 10:10 PM
Economics
Hello cmschlatt
Quote:

Originally Posted by cmschlatt
Hello all, I have a problem here that seems horribly simple, but when I input my answer, I get it incorrect.
The equation my teacher gave for elasticity is:
(%change in quantity demanded)/(%change in price)
It may be that I made a typo when inputting my answer but I'd rather not take a chance. Problem is attached as a screenshot.
All help is greatly appreciated.
Chris

Note: This is not a test for school, but a quiz in which we receive three attempts.

If the question is as simple as it seems, then you can say

% change in quantity demanded = elasticity x % change in price = -0.28 x 30% = -8.4 %