2. Using the midpoints formula The following graph shows two known points (X and Y) on a demand curve for oranges. PRICE (Dollars per pound) 10 9 8 1 0 0 10 20 30 40 50 60 70 80 90 QUANTITY (Thousands of pounds of oranges) Demand (c) According to the midpoints formula, the price elasticity of demand for oranges between point X and point Y is approximately suggests that the demand for oranges is between points X and Y. , which
2. Using the midpoints formula The following graph shows two known points (X and Y) on a demand curve for oranges. PRICE (Dollars per pound) 10 9 8 1 0 0 10 20 30 40 50 60 70 80 90 QUANTITY (Thousands of pounds of oranges) Demand (c) According to the midpoints formula, the price elasticity of demand for oranges between point X and point Y is approximately suggests that the demand for oranges is between points X and Y. , which
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following graph shows two known points (X and Y) on a demand curve for oranges.
According to the midpoints formula, the price elasticity of demand for oranges between point X and point Y is approximately ______ , which suggests that the demand for oranges is ________ between points X and Y.
Transcribed Image Text:2. Using the midpoints formula
The following graph shows two known points (X and Y) on a demand curve for oranges.
PRICE (Dollars per pound)
10
9
8
1
0
0
10 20 30 40 50 60 70 80 90
QUANTITY (Thousands of pounds of oranges)
Demand
(c)
According to the midpoints formula, the price elasticity of demand for oranges between point X and point Y is approximately
suggests that the demand for oranges is
between points X and Y.
, which
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