Price Elasticity Using the Midpoint Formula
If the price of a product increases from $10 to $15 and the quantity demanded falls from 100 units to 50 units, what is the approximate price elasticity of demand using the midpoint formula?
A
Approximately 2.00, indicating highly elastic demand.
B
Approximately 0.67, indicating inelastic demand.
C
Approximately 1.67, indicating elastic demand.
D
Approximately 1.00, indicating unit elastic demand.
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