Using the midpoint formula for the elasticity of demand, if a price increase from $57 to $63

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Using the midpoint formula for the elasticity of demand, if a price increase from $57 to $63 reduces quantity demanded from 66 units to 54 units, the elasticity of demand

a. equals 0.5.

b. equals 1.

c. equals 2.

d. cannot be determined from the information given.

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Exploring Macroeconomics

ISBN: 9781111970314

5th Edition

Authors: Robert L. Sexton

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Question Posted: Oct 29, 2024 03:01 AM

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Using the midpoint formula for the elasticity of demand, if a price increase from $57 to $63

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Exploring Macroeconomics

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