Question
How to apply the coefficient of elasticity to calculate a new quantity based on the midpoint formula? Coefficient price elasticity of demand = -0.163 Current
How to apply the coefficient of elasticity to calculate a new quantity based on the midpoint formula?
Coefficient price elasticity of demand = -0.163
Current Price = $6.95
Current Quantity= 585
New Price= $5.95
New Quantity= ???
Please provide the walk calculation from the elasticity midpoint formula
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
