Business: Jaycee jeans sold 40 pairs of jeans at a price of $40. when it lowered its price to $20, quantity sold increased to 60 pairs. calculate the absolute value of the price elasticity of demand? use the midpoint formula.

Jaycee jeans sold 40 pairs of jeans at a price of

Ответ:

denoterap441wb

10.01.2022

Business

0.6

Explanation:

Initial Units sold, Q1 = 40 pairs

Initial Price, P1 = $40

Final price, P2 = $20

Final units sold = 60 pairs

Now,

Using the midpoint formula,

the absolute value of the price elasticity of demand

price elasticity of demand = $\frac{\frac{Change in quantity sold}{\frac{Total quantity sold}{2}}}{\frac{Change in price}{\frac{Total price}{2}}}$

price elasticity of demand = $\frac{\frac{Q2-Q1}{\frac{Q1+Q2}{2}}}{\frac{P1-P2}{\frac{P2+P1}{2}}}$

price elasticity of demand = $\frac{\frac{60-40}{\frac{40+60}{2}}}{\frac{40-20}{\frac{40+20}{2}}}$

price elasticity of demand = $\frac{\frac{20}{50}}{\frac{20}{30}}$

price elasticity of demand = 0.6

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Ответ:

azibur3191

22.07.2021

Business

answer:

-a student performing a science experiment, a television viewer watching an advertisement, an audience at a movie, -a person reading a newspaper, -a person writing a book

Explanation:

bc ik :)

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Jaycee jeans sold 40 pairs of jeans at a price of $40. when it lowered its price to $20, quantity sold increased to 60 pairs. calculate the absolute value of the price elasticity of demand? use the midpoint formula.

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