Elasticity demand worksheet | ECO204 | Strayer University
ElasticityofDemandWorksheet.doc
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PRICE ELASTICITY OF DEMAND |
% change in Q demand |
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PERCENTAGE CHANGE |
new number-old number average |
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Revenue |
Price X Quantity |
Use the formula above to calculate values of price elasticity of demand for all the situations below. Make sure to show your calculations.
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Price |
Quantity |
% change in quantity demanded |
% change in price |
Elasticity of Demand |
Revenue |
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Initial |
New |
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30 |
35 |
90 |
30 |
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50 |
80 |
110 |
80 |
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210 |
230 |
70 |
54 |
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60 |
85 |
140 |
125 |
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In each case identify whether you would describe it as elastic / unit elastic / inelastic
1. 2. 3. 4.
Has revenue increased or decreased in each case?