Question
Suppose that gamers have the following demand for packs of batteries. Price per pack of batteries Quantity demanded for packs of batteries $5.00 50 $6.00
Suppose that gamers have the following demand for packs of batteries.
Price per pack of batteries | Quantity demanded for packs of batteries |
|---|---|
$5.00 | 50 |
$6.00 | 33 |
$7.00 | 29 |
$8.00 | 8 |
Using the midpoint method, calculate the price elasticity of demand as the price per pack of batteries increases from $6.00 to $7.00
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Managerial Economics
Authors: William F. Samuelson, Stephen G. Marks
8th edition
1118808940, 978-1119025900, 1119025907, 978-1119025924, 978-1118808948
