Calculate the price of elasticity of demand

Reference no: EM13183190

for each of the following cases, calculate the price of elasticit of demand, and state whether demand is elastic, inelastic, or unitar. Show our calculations.

When te price of milk increases from $2.35 to $2.50 per gallon, the quanitity demanded falls from 100 gallons to 90 gallons.

When the price of paperback books fall from $7.00 to $6.50, the quantity demanded rises from 100 to 150.

When the rent on apartments rises from $500 to $550, the quantity demanded decreases from 1.000 to 950.

Reference no: EM13183190

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