(Solved): 2. Calculating the price elasticity of demand: A step-by-stepguide Suppose that furing the past yea ...

2. Calculating the price elasticity of demand: A step-by-stepguide Suppose that furing the past year, the price of a virtual reality headset rose from \( \$ 4,750 \) to \( \$ 4,880 \). During the same time period, cansumer sales decreased from 396,000 to 271,000 headsets. Calculate the elasticty of demand between these two price-quantly combinations by using the following steps. After each step, complicte the reievant part of the table with the appropriate answers. (Note: For decreases in price or avantity enter values in the Ohange caiumn with at minus sign, Step. 1: Fill in the appropriate values for original quantity, new quantity, orlginal price, and new peice. Step 2t Calcuidte the average quantity by odding the original quantity and the new quantity, and then ofilding by two. Do. the sime far the average price. Srep 3: Cakutate the change in quantity by subtracting the original quanticy from the new quantity. Do the same for the change in arice Step ilf Calculate the percentage change in tuantity demandect by dividing the change in cuasitity by the average quantiby Do the same to calculatit the percentage change in price. the nogative sigri.