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Suppose that a store decreases the price of cereal from $4 to $3.4. As a result, quantity demanded increases from 190 to 260.

Using the **mid-point approach**, calculate the percentage change in price.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Suppose that a store decreases the price of peanut butter from $4.2 to $3.7. As a result, quantity demanded increases from 190 to 250.

Using the **mid-point approach**, calculate the percentage change in quantity demanded.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity

Suppose that a store increases the price of peanut butter from $3.5 to $4.4. As a result, quantity demanded decreases from 260 to 210.

Using the **mid-point elasticity approach**, calculate price elasticity of demand.

Your answer should be expressed in absolute value terms.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172

Enter DNE for Does Not Exist, oo for Infinity