Hi I was given the following price vs quantity values.
Price Quantity Demanded
4 221
5 210
6 185
7 162
8 144
9 122
10 102
11 81
12 61
13 46
14 25
The graph was plotted as shown below.
The equation was, $Y = -0.0496 X + 15.133$. What I need to know is, I was asked to find the PED when price is $\$7.5$.
Then what I did was, I found the quantity at price $7.5$ substituting to the price quantity equation. And then found the PED using the equation
The quantity derived for price $7.5$ was $153.89$. Then I calculated the PED as below. Is it correct?
$$\frac{(153.89-144)/144}{(7.5-8)/8} = 1.099$$
May I know whether this calculation is correct?