Suppose the price of gasoline decreases from $4.10 to $3.00, and in response quantity demanded increases from 10700 to 11600. Using the mid-point formula, what is the price elasticity of demand? (Note: your answer should be correct to two decimal places, and remember to take the absolute value of your result.)

Answer rating: 100% (QA)

To calculate the price elasticity of demand using the midpoint formula we use the formula textPrice ... View the full answer