Homework Help: Economics

Posted by Jan C on Saturday, October 11, 2008 at 2:51am.

If the price of apples rises from $3.50 a pound to $4.00, and my consumption of apples drops from 30lbs. of apples to 20lbs.; what would be the price elasticity of demand of apples. My figures are all wrong; how would I calculate it.

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