Scenario 1: When Burt set his price of strawberries to $1.50 per pound, he sold 65 pounds of strawberries. He later changed his price of strawberries to $2.00 per pound and sold 50 strawberries. State what Q1, P1, Q2 and P2 will be for this scenario. Calculate (Q2-Q1)/(Q2+Q1)/2 .

(Q2-Q1) Arc Elasticity of Demand: Ep = (Q2+Q1)/2 (P2-P1) (P2+P1)/2 NOTE: | ED | stands for the absolute value of the elasticity of demand