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Price rises from $10 to $12 and quantity demanded falls from 100 to 80. Find the price elasticity of demand.
Final answer
Unit elastic: |E| = 1
Solution steps
- 1
Percent change in quantity
(80 − 100) / 100 = −20%
- 2
Percent change in price
(12 − 10) / 10 = +20%
- 3
Divide the two
−20% / 20% = −1, so |E| = 1
What AI Solver solves in economics
- Supply and demand
- Elasticity
- Costs and market structures
- GDP and inflation
- Monetary and fiscal policy
- Reading economic graphs
How to get economics help
- 1
Open the app
Download AI Solver from the App Store and launch it on your iPhone.
- 2
Snap your problem
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- 3
Get your answer
AI analyzes the problem and delivers a clear, step-by-step solution in seconds.
Economics study tips
- Label every axis and curve when you draw a graph.
- Ask whether a change shifts the curve or moves along it.
- Write the formula first, then plug in the numbers.
Economics questions
Yes. It explains AP Macro and AP Micro problems, including graph questions.
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