Question
On a popular Internet deals site, consumers purchased 1,000 weekend getaway packages when the price was $300. After the price increased to $400, consumers purchased
On a popular Internet deals site, consumers purchased 1,000 weekend getaway packages when the price was $300. After the price increased to $400, consumers purchased 600 packages. This graph shows the elasticity of demand for the weekend getaway package.
Using the midpoint formula, what is the own-price elasticity of the weekend getaway package?
- 0.34
- -1.75
- 1.50
- -1.50
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International Business
Authors: Michael Czinkota, Iikka A. Ronkainen, Michael H. Moffett
8th edition
470530658, 470530650, 978-0470530658
