Suppose Publix introduces a deal on steak. Publix lowers the price of the steak per lbs. from $11.50 to $7.00. Sales of steak at the beginning of the month were 700 and after the price change, the sales increased 1,100 at the end of the month. Assuming no other market changes and using the midpoint method, we can determine the demand elasticity is ...

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To calculate the demand elasticity using the midpoint method we use the formula textDemand Elasticit... View the full answer