economics

posted by .

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. economics

    according to the law of demand,when will higher corn prices reduce the quanity demand of corn?
  2. Economics: Price Elasticity

    Please check my answers whether they are correct or not. If not, please help me why they are wrong. Thank you. Question 1: Point: A (300, 1000) Point B: (200, 1200) According to the midpoint method, the price elasticity of demand for …
  3. 8th Grade Algebra Answer Check

    Josh and Racquel sold corn dogs and burritos at the math club fundraiser. The corn dogs(c) cost $.35, and the burritos(b) cost $.75. They sold a total of 600 items, and raised $360. a)Write an equation for the total # of items sold. …
  4. Economics are these correct

    Are these correct? Thanks, Answer is next to number of question C 1. Which of the following is consistent with the law of supply?
  5. economics

    if land suitable for growing corn is also suitable for growing soybeans, the discovery that soybean oil prevents cancer will A.have no effect on the cost of growing corn B.reduce the cost of growing corn C.raise the cost of growing …
  6. economics

    2. Suppose that the quantity of corn supplied depends on the price of corn, p; and the amount of rainfall, R: The demand for corn depends on the price of corn, p; and the level of income, Y: The equations that describe the supply and …
  7. Algebra

    algebra 2 trig: A food vendor at a stadium sells hot dogs for $2. At this price, she can sell about 500 hot dogs per day. For every $.25 increase in price, she will sell 25 less hot dogs. The vendor's revenue can be modeled by R=(500-25x)(2+0.25x) …
  8. macroeconomics

    the price of hot dogs changes by 22% and the quantity of hot dogs demanded changes by 25%. This indicates that demand for hot dogs is a.elastic b.inelastic c.unit elastic d.perfectly elastic
  9. Intermediate Macro Economics

    To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm. The price of corn, p(y), depends on how much Chuck produces. The price function is speci ed as p(y) = 3 0:05y c. The revenue that …
  10. microeconomics

    The Consumer Price Index (CPI) for the year 2012 is 2.412 and the retail price per bushel for corn is $US12.06. Using 1992 as the base year (I.e CPI is 100) by how much would the real price for corn have risen or fallen if the retail …

More Similar Questions