Elasticity demand worksheet

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 For the Elasticity of Demand Assignment, you will submit a worksheet and a paper in Waypoint. 

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ElasticityofDemandWorksheet.doc

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Elasticity of Demand Worksheet

PRICE ELASTICITY OF DEMAND

% change in Q demand % change in price

PERCENTAGE CHANGE

new number-old number X 100

average

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.

Price

Quantity

% change in quantity demanded

% change in price

Elasticity of Demand

Revenue

Initial

New

Initial

New

Initial

New

30

35

90

30

 

 

50

80

110

80

 

 

210

230

70

54

 

 

60

85

140

125

 

 

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?

1.       2.       3.       4.