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Math Help - Economics Elasticty Question

  1. #1
    Newbie
    Joined
    Mar 2008
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    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.
    Attached Thumbnails Attached Thumbnails Economics Elasticty Question-elasticity-question.jpg  
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  2. #2
    MHF Contributor
    Grandad's Avatar
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    Dec 2008
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    South Coast of England
    Posts
    2,570

    Economics

    Hello cmschlatt
    Quote Originally Posted by cmschlatt View Post
    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 %

    Grandad
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  3. #3
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    Joined
    Mar 2008
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    Thank you for your response. I spoke to my teacher today and she said the reason I was getting is wrong is because I was putting a - sign and that the problem had already accounted for a decrease. Thanks once again.
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