Suppose a firm sells 50,000 units when the price is 16, but sells 30,000 units when the price falls to $14. Calculate the percentage change in the quantity sold over this price range using the midpoint formula Calculate the percentage change in the price using the midpoint formula Find the price elasticity of demand over this range of prices. State whether demand is elastic or inelastic over this range.

Updates Av Tube Maps Do you want Question Completion Status: U WO QUESTION 27 Suppose a firm sells 50,000 units when the price is $16, but sells 30,000 units when the price falls to $14. -Calculate the percentage change in the quantity sold over this price range using the midpoint formula. Calculate the percentage change in the price using the midpoint formula. Find the price elasticity of demand over this range of prices. State whether demand is elastic or inelastic over this range For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IUS Paragraph Arial 10pt A v &VIX 86 E X2 X2 180 O Right to left EX Ky QUESTION 28