Calculate the price elasticity of demand

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Given two price-quantity pairs, be able to calculate the price elasticity of demand and determine if demand is relatively elastic or inelastic. Also, given a price change, be able to predict what it will do to total revenue. Given the price elasticity determined above, be able to describe what determinants of price elasticity would be associated with the good (i.e., few or many substitutes?). Also, given the % change in price, be able to predict what will occur to the % change in quantity demanded. Lastly, given the initial quantity demanded, predict the quantity of sales if price changes by a particular percent.

Reference no: EM131392315

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