Attempts

Keep the Highest $/2$

$2.$ Calculating the price elasticity of demand: A step$-$by$-$stepguide

Suppose that during the past year, the price of a virtual reality headset fell from $$4,100$ to $$3,820.$ During the same time period, consumer sales increased from $379,000$ to $480,000$ headsets.

Calculate the elasticity of demand between these two phe$-$quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. $($Note: For decreases in price or quantity, enter values in the Change column with a minus sign.$)$

Step $1$: Fill in the appropriate values for original quantity, new quantity, original price, and new price.

Step $2$: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price.