If QuikTrip decreases the price of 32 -ounce soft drinks in the summer from $$ \$ 0.82 $$ to $$ \$ 0.42 $$ and the number purchased increases from 242 to 775 , what would the price elasticity of demand equal? (absolute value) Round your answer to two decimal places.

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The price elasticity of demand is a measure of how the quantity demanded of a good or service responds to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.

Given:
- Initial price: $0.82
- Final price: $0.42
- Initial quantity: 242
- Final quantity: 775

To calculate the price elasticity of demand, we can use the formula:
$$ \text{Price Elasticity of Demand} = \left| \frac{\text{Percentage Change in Quantity}}{\text{Percentage Change in Price}} \right| $$

First, let's calculate the percentage change in quantity:
$$ \text{Percentage Change in Quantity} = \left( \frac{\text{Final Quantity} - \text{Initial Quantity}}{\text{Initial Quantity}} \right) \times 100 $$

Then, we can calculate the percentage change in price:
$$ \text{Percentage Change in Price} = \left( \frac{\text{Final Price} - \text{Initial Price}}{\text{Initial Price}} \right) \times 100 $$

Finally, we can substitute these values into the formula for price elasticity of demand and calculate the absolute value of the result.
Calculate the value by following steps:
- step0: Calculate:
  $$\left(\frac{\left(775-242\right)}{242}\right)\times 100$$
- step1: Remove the parentheses:
  $$\left(\frac{775-242}{242}\right)\times 100$$
- step2: Subtract the numbers:
  $$\left(\frac{533}{242}\right)\times 100$$
- step3: Remove the parentheses:
  $$\frac{533}{242}\times 100$$
- step4: Reduce the numbers:
  $$\frac{533}{121}\times 50$$
- step5: Multiply:
  $$\frac{533\times 50}{121}$$
- step6: Multiply:
  $$\frac{26650}{121}$$
Calculate or simplify the expression $$ ((0.42-0.82)/0.82)*100 $$.
Calculate the value by following steps:
- step0: Calculate:
  $$\left(\frac{\left(0.42-0.82\right)}{0.82}\right)\times 100$$
- step1: Remove the parentheses:
  $$\left(\frac{0.42-0.82}{0.82}\right)\times 100$$
- step2: Subtract the numbers:
  $$\left(\frac{-0.4}{0.82}\right)\times 100$$
- step3: Divide the terms:
  $$\left(-\frac{20}{41}\right)\times 100$$
- step4: Remove the parentheses:
  $$-\frac{20}{41}\times 100$$
- step5: Multiply:
  $$-\frac{20\times 100}{41}$$
- step6: Multiply:
  $$-\frac{2000}{41}$$
Calculate or simplify the expression $$ |220.247934/(-48.78048) | $$.
Calculate the value by following steps:
- step0: Calculate:
  $$\left|\frac{220.247934}{\left(-48.78048\right)}\right|$$
- step1: Remove the parentheses:
  $$\left|\frac{220.247934}{-48.78048}\right|$$
- step2: Divide the terms:
  $$\left|-\frac{36707989}{8130080}\right|$$
- step3: Calculate the absolute value:
  $$\frac{36707989}{8130080}$$
The price elasticity of demand is approximately 4.52 when rounded to two decimal places.
The price elasticity of demand is approximately 4.52.

If QuikTrip decreases the price of 32 -ounce soft drinks in the summer from \( \$ 0.82 \) to \( \$ 0.42 \) and the number purchased increases from 242 to 775 , what would the price elasticity of demand equal? (absolute value) Round your answer to two decimal places.

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