1. The problem asks to find the price elasticity of demand between the equilibrium price and the new price.
2. The formula for price elasticity of demand (PED) is:
$$\text{PED} = \frac{\% \text{ change in quantity demanded}}{\% \text{ change in price}}$$
3. To calculate PED, we need the initial and new prices and quantities. Since the previous question is not provided, we assume you have these values.
4. Calculate the percentage change in quantity demanded:
$$\% \Delta Q = \frac{Q_{new} - Q_{old}}{Q_{old}} \times 100$$
5. Calculate the percentage change in price:
$$\% \Delta P = \frac{P_{new} - P_{old}}{P_{old}} \times 100$$
6. Substitute these values into the PED formula:
$$\text{PED} = \frac{\% \Delta Q}{\% \Delta P}$$
7. Compare the calculated PED with the options given: 0.6, 0.75, 1.1, 2.3, 0.3.
Without specific values, the exact PED cannot be computed here. Please provide the initial and new prices and quantities to calculate the elasticity.
Final answer depends on data from the previous question.
Price Elasticity 7Fffc3
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