1. What is the formula for calculating the price elasticity of demand using the midpoint method (this equation should involve Q; and Q;, P, and P;)? (It is okay to include the x100% on the top and bottom parts if you would like.) 2. Use the formula from #1 and the following information to find the price elasticity of demand. For a particular video game, the company sells 160 (thousand) copies of the game when the price of the game is $55. However, when they change the price to 545, the company sells 240 (thousand) copies of the game. a. As part of the process of finding the price elasticity of demand, what is the percent change in quantity using the midpoint method? Round your answer to 4 decimal places if necessary. b. As part of the process of finding the price elasticity of demand, what is the percent change in price using the midpoint method? Round your answer to 4 decimal places if necessary. BYU-Idaho 1 ECON 150: Microeconomics c. Using parts a and b, calculate the price elasticity of demand. Round your answer to 2 decimal places if necessary