At a price of \$1 each, consumers want 100 apples. At a price of \$2, they want 50 apples. Using the (new-old)/old formula, what is the own price elasticity of apples?
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Updated 363 days ago|8/3/2020 5:22:23 AM
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User: At a price of \$1 each, consumers want 100 apples. At a price of \$2, they want 50 apples. Using the (new-old)/old formula, what is the own price elasticity of apples?

Weegy: -1

Question
Updated 363 days ago|8/3/2020 5:22:23 AM
This conversation has been flagged as incorrect.
Flagged by jeifunk
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[Deleted]
Added 363 days ago|8/3/2020 5:21:46 AM
Deleted by marie2061 [8/3/2020 5:22:10 AM]
8
old price = \$1 to 100 apples
new price = \$2 to 50 aplles = \$4 to 100 apples
price elasticity = {(\$4 - \$1)/[(\$4 + \$1)/2]} * 100 = 120%

Added 363 days ago|8/3/2020 5:22:23 AM

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