If the price of Coca-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the demand for Coca-Cola is a. perfectly inelastic. b. perfectly elastic. c. unit elastic. d. inelastic. e. elastic.

e. elastic

Explanation:

To ascertain the degree of responsiveness of the demand of Coca-Cola to change in price, we use the formula: % change in QD / % change in Price

% change in QD = (Q2 – Q1)/Q1 × 100% = (50 – 100)/100 × 100  

% change in QD = – 50/100 × 100 = – 50%  

% change in Price = (60 – 50)/50 × 100% = 10/50 × 100%

% change in Price = 20%

Price elasticity of demand = % change in QD / % change in Price = –50%/20%

PED = – 2.5%

The demand is elastic because change in price leads to a greater % change in demand. i.e. PED = – 2.5%

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