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2) The price of strawberries falls from $1.50 to $1.00 per carton and quantity demanded goes from 100,000 to 200,000. Use the mid point formula
2)
- The price of strawberries falls from $1.50 to $1.00 per carton and quantity demanded goes from 100,000 to 200,000. Use the mid point formula to find price elasticity of demand
- The price elasticity for 4,000 movie tickets at a price of $5 is 1.0. Using the mid point formula calculate the percentage by which theater owners must reduce price in order to sell 5,000 tickets.
- The price elasticity of demand for ice cream cones is 1.2 at a current price of .50 cents; consumption is 100,000 cones. Calculate the change in quantity demanded when prices rise by .05 cents
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