The following day shows the relationship between the price and quantity demanded at four different prices for a product:Using the midpoints formula what is the price elasticity of demand between a) $11 and $9 ; (b)$9 and $7 ; (c) $7 and $5
Since we don't have any data about quantity demanded at four different prices we can suggest they were following:
a) 16 and 24;
b) 24 and 32;
c) 32 and 40.
So we can calculate the price elasticity of demand:
a)
b)
c)
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