# Chapter 1. Chapter05_003

## Step 1

Solved Problems
true
true
You must read each slide, and complete any questions on the slide, in sequence.

### Question

Suppose that, if the price of movie tickets increases from \$10.50 to \$11.50, the quantity demanded decreases from 2,541,000 to 2,212,000.

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
Demand elasticity measures the responsiveness of quantity to price. It is represented in terms of “percentage changes,” which is written as “%∆”
3

## Step 2

### Question

Jg3/Wdxr5Pk/1dhbj9GNDaf3NH5soLgLpTre0njquJLsqkKFlNFRgHt4SKyKSIGDSCiuc+8hTvrdMVn4AaoHsB4aXxKvMjLYYOosKooEraVn6ec4clpIlXxau30=
The percentage change formula is 100% * (new value – original value) / original value. Here, we calculate %∆Q =100% * (2,212,000 - 2,541,000)/2,541,000
3

## Step 3

### Question

8mPeU3m+3+5FeWos5GeLoNIl3/97SxtqSAxquWNgzRYX8bg0E+Sw1hYaLl79g08dS5FhKj75zoenQpE9zcRJ4p2/jpcei5d/BN286KfELEG71s2hvUOuV472k3k=
Using the percentage change formula, we calculate %∆P = 100% * (11.50-10.50)/10.50.
3