Calculate the price elasticity of demand for roses

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Reference no: EM13223338

The deamnd for rosebushes in a market is as follows

Price (Per rosebush)-- $10, $11, $12, $13
Quanity Demanded (rosebushes per week)-- 230, 150, 90, 40

a.) Calculate the price elasticity of demand for roses for a price increase from $10 to $11. Is demand elastic or inelastic for this price change?

b.) Calculate the price elasticity of demand for roses for a price increase from $12 to $13. Is demand elastic of inelastic for this price change?

Reference no: EM13223338

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