When prices change, how much do buyers react?
Connect elasticity to buyer and seller responses, revenue rectangles and the midpoint method. Learn the ideas, then solve 10 questions with worked answers.
Use the average as the percentage base
Use the average as the percentage base
A price change and the revenue test
- Find midpoint percentage changes in quantity and price, and price elasticity of demand.
- Classify demand and find total revenue at both points. Subtract initial revenue from new revenue.
- Does the total revenue test agree with the elasticity classification?
| Point | Price | Tokens | Revenue |
|---|---|---|---|
| A | $12 | 40 | ? |
| B | $10 | 60 | ? |
Exam coming up and elasticity still feels like a formula with no meaning?
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