If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100

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If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100 and vice-versa, what is the absolute value of the own price elasticity at a price of $7? Note that the question is about the price point of $7, and not $5.

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Macroeconomics Principles Applications And Tools

ISBN: 9780134089034

7th Edition

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

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Question Posted: Mar 01, 2017 01:18 PM

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If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100

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Macroeconomics Principles Applications And Tools

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