The quantity that has been demanded for the $9.00 is 150 and the increased price of $10.00 is 110. When you go from $9.00 to $10.00 you have QDemand(OLD)= 150 and QDemand (NEW) = 110, where QDemand is short for Quantify Demanded. So now the equation is Price(OLD) = 9 PRICE(NEW) = 10 QDemand(OLD) = 150 QDemand(NEW) = 110 The percentage change in quantity demand and percentage change in price percentage is needed to calculate the price elasticity...
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The formula used to calculate the percentage change in quantity demanded is[QDemand(NEW) ? QDemand(OLD)] / QDemand(OLD), which will give you values of [110 ? 150] / 150 = (-40/150) = -0.2667. Now the percentage change in price needs to be calculated. The formula to use is {(Price(NEW) ? Price(OLD)] / Price(OLD), which will give you values of [10 ? 9] / 9 = (1/9) = 0...
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