February 28, 2017

Homework Help: Economics

Posted by Mike on Friday, October 16, 2009 at 11:45pm.

Here is a question that my professor posted...

"Assume the price elasticity of demand for U.S. Frisbee. frisbees is -0.6. If the company increases the price of each frisbee from $6 to $8, the number of frisbees sold will:"

The answer is: Decrease by 17.1 percent

What I would like to know is how she got to this answer? I have been trying every formula I can think of and nothing is working.


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