Willie's widgets currently sell for $17 each. At that price, Willie has sold 49 comma 000 widgets. Willie would like to maximize his revenue, so he raises the price of a widget to $20 each. Willie has seen the sales of his widgets drop only slightly to 46 comma 000. Using the initial-value method, the price elasticity of demand for Willie's widgets is 0.00. (Enter your response as an absolute value rounded to two decimal places.) We can conclude that the demand for Willie's widgets under these conditions is.

-0.43333 and inelastic

Explanation:

The computation of the price elasticity of demand using the initial value method is shown below:

= Change in quantity demanded ÷ Change in price

where,

Change in quantity demanded equals to

= (46,000 - 49,000) ÷ (46,000)

= -0.065

Change in price

= ($20 - $17) ÷ ($20)

= 0.15

So, the price elasticity of demand is

= -0.065 ÷ 0.15

= -0.43333

As the price elasticity of demand shows a negative value which results the demand is inelastic in nature

answerservice script;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.