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economics

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When the price of corn dogs is $1.00, 5,000 corn dogs are demanded. When the price of corn dogs is $2.00, 2,500 are demanded. What is the price elasticity of demand for corn dogs?

  • economics - ,

    % Change = (2500-5000) / 5000 = -0.50
    Expressed as a decimal.

    % Change in P. = (2-1) / 1 = 1.00
    Expressed as a decimal.

    PED = -0.50 / 1 = -0.50.

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