Try another version of this question Suppose that a store decreases the price of laundry detergent from $4.4 to $3.7. As a result, quantity demanded increases from 200 to 240. Using the mid-point approach, calculate the percentage change in price.
Suppose that a store decreases the price of cereal from $4.4 to $3.7. As a result, quantity demanded increases from 220 to 260. Using the mid-point approach, calculate the percentage change in quantity demanded.
Suppose that a store increases the price of cereal from $3.7 to $4. As a result, quantity demanded decreases from 260 to 180. Using the mid-point elasticity approach, calculate price elasticity of demand. Your answer should be expressed in absolute value terms.
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Box 2: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
Enter DNE for Does Not Exist, oo for Infinity
Enter DNE for Does Not Exist, oo for Infinity