The absolute value of the price elasticity of demand

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Suppose the price of airfare from SFO to JFK increases from $330 to $360 while no other variables change. In consequence, the quantity of tickets sold decreases from 180 to 140. Calculate the absolute value of the price elasticity of demand. (Hint: use the average of the two prices for P and the average of the two quantities for Q.) Format tip: answers must be within 0.2 of the true value to count as correct. The answer will be positive. Do not include negative signs, plus signs, or spaces.

Reference no: EM131002440

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