Suppose the price of beans rises from $2.00 a pound to $3.00 a pound, quantity demanded falls

Question:

Suppose the price of beans rises from $2.00 a pound to $3.00 a pound, quantity demanded falls from 10 units to 7 million units, the coefficient of elasticity of demand for beans using the mid-point method? Show work.
a. Elasticity?b. Is this elastic, inelastic or unit elastic?c. From this change, did the revenue to the industry increase, decrease, or stay the same?

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