Question
A popular clothing website sold five units of a dress when the price was $300 and 20 units when the price was marked down to
A popular clothing website sold five units of a dress when the price was $300 and 20 units when the price was marked down to $100.
What is the own-price elasticity of demand for the dress using the midpoint formula?
- 1.25
- 2.5
- -2
- -1.2
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Economics
Authors: R. Glenn Hubbard
6th edition
978-0134797731, 134797736, 978-0134106243
