Economists estimate price elasticities more precisely by using average price and quantity to compute percentage changes. The formula below describes this method. Price Elasticity of Demand, Midpoint Formula: E = percentage change in quantity demanded + percentage change in price, in absolute value where, - percentage change in quantity demanded (Q2 Q1) [(Q1 + Q) + 2] percentage change in price = (P2 - P) - [(P + P) - 2] Note that the denominator in each part uses the average quantity or the average price. Using the table, graph, and formula, compute E for a popcorn price increase from $0.30 to $0.40 per ounce. Instructions: Round your response to one decimal place. Price $ 0.50 Quantity Demanded Total Revenue 1 $ 0.50 0.45 2 9.90 0.40 4 1.60 0.35 6 2.10 0.30 8 2.40 0.25 12 3.00 0.20 16 3.20 0.15 20 3.00 0.10 25 0.05 30 2.50 1.50 Popcorn Price(per ounce) $0.55 $0.50 $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Quantity Demanded(ounces per show)