I do not remember the questions but it was like Quantity Demanded Increases : 3800 to 4200 ( 400/4000) = 10% Price decreased from 85 to 75 (10/80)= - 12.5% - 12.5 /10= 1.25 something Anyone remember?
Demand goes in the numerator, price in denominator.
I recall that I thought the answer was .8
Smarshy Wrote: ------------------------------------------------------- > I recall that I thought the answer was .8 Your right. I marked it wrong and reviewed the concept during the break… it was .8
was this to determine if the thing was inelastic?. the answer to one of the elasticity calculation question was 'inelastic because the elasticity is between 0 and 1 and value is <>
second the .8 Dsylexic, I think that’s what it was.
I put the same answer…I wasnt sure about the question. I guess +1 for me
yep .8 I remember trying to flip the numerator ans deminator to see if they had that answer, which is 1.25. 1.25 wasn’t there, closest they had was 1.2, so even if you had got the numerator and denominator mixed up that should have sounded an alarm. main thing they were testing that question was if you knew to uses the avgs I think