# Chapter 1. Chapter05_003

## Step 1

Solved Problems
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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 “%∆”
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## Step 2

### Question

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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
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## Step 3

### Question

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Using the percentage change formula, we calculate %∆P = 100% * (11.50-10.50)/10.50.
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