sendin Whan tho pric d oruse rieo om $1.00 to 120.50, ho quamnity anded docrasco
ID: 1131101 • Letter: S
Question
sendin Whan tho pric d oruse rieo om $1.00 to 120.50, ho quamnity anded docrascon fom 2:10t 1,00 avelor Use this information to caloulato the price elastiaity of demand The percentage change nte price of a cruise is peront sit Bibliog When the prioe of a aruise rises from $19,500 to $20,500, the quantity demanded Web orks che e me dar percentage change in the quantity of cruises demandod is percent »> Report your answer as a positive number The price elastioity of demand for anuises is Youu The hotmal.c Vasquez s- YouTutAnswer to 1 decimal place. Gallery b with lyricst be mp3? org r favorite s as mp3 f Enter your answer in each of the answer boxes. 01/08/18 ASSESS Chapter 12 Quiz 5 MacBook Air 8Explanation / Answer
Percentage change in the price of a cruise = [ (Latest price – initial price)/initial price]*100
Percentage change in the price of a cruise = [($20500-$19500)/$19500]*100
Percentage change in the price of a cruise = 5.13%
Percentage change in the quantity demanded of a cruise = [ (Latest demand – initial demand)/initial demand]*100
Percentage change in the quantity demanded of a cruise = [(1900-2100)/2100)]*100
Percentage change in the quantity demanded of a cruise =-9.52% = 9.52%( as a positive number)
The price elasticity of demand for cruise = percentage change in quantity demanded / percentage change in price
The price elasticity of demand for cruise = -9.52 / 5.13
The price elasticity of demand for cruise =-1.86 = -1.9
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