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[answered] Calculate the PED for a particular style of Tom's shoe


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A. Calculate the PED for a particular style of Tom's shoes if there is a price decrease from $100 to $50 and the quantity demanded increases from 2,500 to 10,000 pairs. (Use a diagram to help clarify your answer)

B. Is this product elastic or inelastic? Does this answer support what we've learned about elasticity and what we might expect for a pair of Tom's shoes? Briefly explain your answer.?


A)

 

Price elasticity of demand (PED) = percentage change in quantity demanded/ percentage change

 

in price

 

= [Q2-Q1/Q1]/ [P2-P1/P1)

 

= [(10,000-2,500)/2500)/ (50-100)/100)

 

=3/-0.5

 

=-6

 

P PED=6 >1 D...

 


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