In 1916, the Ford Motor Company sold 500,000 Model T Fords at a price of $440 each.

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In 1916, the Ford Motor Company sold 500,000 Model T Fords at a price of $440 each. Henry Ford believed that he could increase sales of the Model T by 1,000 cars for every dollar he cut the price. Use this information to calculate the price elasticity of demand for Model T Fords. Use the midpoint formula in your calculation?
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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