Suppose that when the price of a good decreases from $220 to $180, the quantity demanded of that good rises from 12 units to 14 units. What is the approximate price elasticity of demand between these two prices

the price elasticity of demand is -0.77

Explanation:

The computation of the price elasticity of demand is as follows;

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)  

Here,

Change in quantity demanded is

= Q2 - Q1

= 14 - 12

= 2

And, average of quantity demanded is

= ( 14 + 12) ÷ 2

= 13

Change in price  is

= P2 - P1

= $180 - $220

= -$40

And, average of price is

= ($180 + $220 ) ÷ 2

= 200

So, after solving this, the price elasticity of demand is -0.77

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.