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What is the price elasticity of demand

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Q1) The price of TV increased by 10%. Then the quantity of TV demanded by 5%. What is the price elasticity of demand?

Q2) Gas price decreased 5%. Then, the quantity of gas demanded increased by 30%. What is the price elasticity of demand?

Q3) The price of air ticket to Honolulu increased from $100 to $125. Then, the quantity of ticket demanded decreased from 500 per day to 450 per day. What is the price elasticity of demand?

Q4) The price of ticket decreased from $125 to $100. Then, the quantity demanded increased from 450 to 500. What is the price elasticity of demand?

Q5) Derive the price elasticities of demand in Q3 and in Q4 by the mid-point method.

Reference no: EM131645578

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