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Mac-book air sales are 1.6 million units at $1499.  Apple raises the price by 10%. sales decrease to 1.28 million units. Calculate the product’s elasticity of demand then classify it as inelastic or elastic..

Mac-book air sales are 1.6 million units at $1499.  Apple raises the price by 10%. sales decrease to 1.28 million units. Calculate the product’s elasticity of demand then classify it as inelastic or elastic..

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Mac-book air sales are 1.6 million units at $1499.  Apple raises the price by 10%. sales decrease to 1.28 million units. Calculate the product’s elasticity of demand then classify it as inelastic or elastic..
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Step 1

Given that,

Mac book sales - 1.6 Million Units at $1499

Apple Price rises - 10%

Mac book sales decrease - 1.28 Million

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