The figure to the right illustrates the demand for taxi rides in a large city. Suppose...
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The figure to the right illustrates the demand for taxi rides in a large city. Suppose the price per ride is initially $10 but then falls to $5 due to a recession. What is the price elasticity of demand for taxi rides? Using the midpoint formula, the price elasticity of demand is (Enter your response rounded to two decimal places.) mula 4 Price (dollars per taxi ride) 60- 55 C 50- 45- 35 30 20- 15- 0 A B D 40,000 80,000 120,000 180,000 200,000 240,000 Quantity (taxi rides per day) The figure to the right illustrates the demand for taxi rides in a large city. Suppose the price per ride is initially $10 but then falls to $5 due to a recession. What is the price elasticity of demand for taxi rides? Using the midpoint formula, the price elasticity of demand is (Enter your response rounded to two decimal places.) mula 4 Price (dollars per taxi ride) 60- 55 C 50- 45- 35 30 20- 15- 0 A B D 40,000 80,000 120,000 180,000 200,000 240,000 Quantity (taxi rides per day)
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