Suppose that over the past year the price of laptop computers has fallen from $2,000 to $1,850. Over the same time period, sales to consumers have increased from 700,000 to 744,500 units.

One way to calculate the elasticity of demand from these two points is use the midpoint method (as discussed in the online lecture). Remember, use the absolute value for your answer.

Using this method, the elasticity of demand for laptop computers is about: