Row 668

Row ID: 668 | Dataset Entry | Axioma AXP Content Repository

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Since you're in high school you can definitely get away with what we would consider to be a fairly rudimentary analysis (first year of college). You will want to use "the midpoint method" of calculating price elasticities. What you will need is two data points: one price and the quantity sold at that price, and a second price and the quantity sold at that price. If you look up the formula, you'll basically find that you will place the change in quantity demanded divided by the change in price. So, you're comparing two things: the percentage change in the quantity demanded versus the percentage change in the price. You could additionally start from one percentage and one raw number. If you read an article which states the price changed from 45k to 40k, which lead to 9% more sales, you would do the following for the midpoint method: PED = ((40-45/45)*100)%/(9%)=11%/9%= 1.22 which is elastic.

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text Since you're in high school you can definitely get away with what we would consider to be a fairly rudimentary analysis (first year of college). You will want to use "the midpoint method" of calculating price elasticities. What you will need is two data points: one price and the quantity sold at that price, and a second price and the quantity sold at that price. If you look up the formula, you'll basically find that you will place the change in quantity demanded divided by the change in price. S…
label r/econpapers
dataType comment
communityName r/EconPapers
datetime 2021-07-19
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{
  "text": "Since you're in high school you can definitely get away with what we would consider to be a fairly rudimentary analysis (first year of college). You will want to use \"the midpoint method\" of calculating price elasticities. What you will need is two data points: one price and the quantity sold at that price, and a second price and the quantity sold at that price. If you look up the formula, you'll basically find that you will place the change in quantity demanded divided by the change in price. So, you're comparing two things: the percentage change in the quantity demanded versus the percentage change in the price. You could additionally start from one percentage and one raw number. If you read an article which states the price changed from 45k to 40k, which lead to 9% more sales, you would do the following for the midpoint method: PED = ((40-45/45)*100)%/(9%)=11%/9%= 1.22 which is elastic.",
  "label": "r/econpapers",
  "dataType": "comment",
  "communityName": "r/EconPapers",
  "datetime": "2021-07-19",
  "username_encoded": "Z0FBQUFBQm5Lakx6S29PT1RNejFMT2JCMWgzUmwzeVBDcE0wdnhBTlZlRDlTVE5VaHhVZ3JRckVnVW4tSFZCLU0zcGhsanc4Q1RNLVc2Zl9oREhRbzM0OXl5VEFRNnNuNGc9PQ==",
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}
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