(adsbygoogle = window.adsbygoogle || []).push({}); [SOLVED] Need double check on Price Elasticity Please

Question:

If the price of soda doubles from $1.00 per can to $2.00 per can and you buy the same amount, what is your price elasticity of demand for soda, and is it considered elastic or inelastic.

Formula:

% of Change in Quantity of Demand / % of Change in Price

Attempt:

I figure since the demand is the same the formula is 1/.5 = 2.0 So its inelastic correct?

I know this is a stretch on the forum considering its more economics. But this forum never lets me down :)

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# Need double check on Price Elasticity Please

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