Price elasticity calculation, with no known curve

[Avit]

Hi,
Assume, I have a product priced at $50 which sells a quantity of 1,000
I am given that the price elasticity of demand is (-0.5), however - I don't have more data (no curve or other data points)
I am trying to figure out the formula that would tell me how much is my quantity for a new price point (e.g. $30 or $80) - and would it work also for a positive elasticity number (e.g. 1.2)
Thanks

For reference the elasticity formula is : where Q1 and P1 are the new quantity and price, and Q0, P0 are the old quantity and price.

Thanks!!

 

[SanjayGMusafir]

Simple Goal seek using the formula and information you shared - Check Cell B5

Book1
	A	B
1	P0	50
2	Q0	1,000
3	P1	30
4	Q1	1,025
5	e	(0.05)
Sheet1

Cell Formulas
Range	Formula
B5	B5	=((B4-B2)/(B4+B2))/((B3-B1)/(B3+B1))

 

[Avit]

Hi Thanks, and yes, I know I can do it with goalseek. That's the first thing I did.
The problem is I need it on a column (multiple calculations) and I need it to be changed automatically (because I am applying this to multiple calculations with different elasticity curves).
think of it as 20 pricing tiers, and for each one, I decided there's a different elasticity (e.g., for rich people , for poor people , for people in new york, for people in brussles, etc.)
Any other idea?
Thanks of course

 

[SanjayGMusafir]

Can't help with that. Hope someone better would be able to help you.

 

[Avit]

)]vide the Excel formula because that'e easy when you know the math, but
Q1 = [-Q0*((P1+P0)+ELASTICITY*(P1-P0)] / [ELASTICITY*(P1-P0) - (P1+P0)]