The short-run price elasticity of demand for tires is 0.90. The mid-point formula was used for this
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Question:
The short-run price elasticity of demand for tires is 0.90. The mid-point formula was used for this calculation.
If an increase in the price of petroleum (used in producing tires) causes the market prices of tires to rise from $ to $, by what percentage would you expect the quantity of tires demanded to change?
nothing%.
(Your answer should have one decimal place, and should not have a negative sign).
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