I get a postitive number each time i do this, why is it a negative answer?

Question

Asked by:

Rating : No Rating
Questions Asked: 6
Tutorials Posted: 0

$5.00 I get a postitive number each time i do this, why is it a negative answer?

From Economics: Microeconomics
Closed, but you can still post tutorials
Due on Oct. 06, 2008
Asked on Oct 03, 2008 at 3:45:24PM

Q:
the price of a good rises from 6$ to 8$. Total revenue rises from 720$ to 800$. The price elasticity of demand is ________, which means that demand is ______

-0.64 elastic

or

-0.64 inelastic

Available Tutorials to this Question

Posted by:

Blackdart from Clarke College
Rating (36): A
Questions Asked: 0
Tutorials Posted: 114, earned $1,069.47

$5.00 Complete solution and explanation

This tutorial hasn't been purchased yet.
Posted on Oct 03, 2008 at 8:07:03PM

A:
Preview: ... is less than 1. If the coefficient were ...

The full tutorial is about 31 words long .

Posted by:

mll1275 from UOP
Rating (55): B-
Questions Asked: 0
Tutorials Posted: 95, earned $861.29

$4.00 Answer to your question

This tutorial hasn't been purchased yet.
Posted on Oct 03, 2008 at 8:23:54PM

A:
Preview: ... .11111

Calculate the percent change in price
[Price(NEW) - Price(OLD)] / Price(OLD)
[8 - 6] / 6 = (2/6)= .33333

Final Step of Calculating the Price Elasticity of Demand
PEoD = (% Change ...

The full tutorial is about 135 words long .