Question 2 The following information reveals the market condition of fruit juice: Price ($) Quantity demanded (No. of bottles) 50 1000 80 880 110 500 Use midpoint method to calculate the price elasticity of demand of fruit juice between $80 and $110. Show your workings and round your answer to 2 decimal places. Based on your answer, is this an elastic, inelastic or unit elastic demand? Explain.

Question 2 The following information reveals the market condition of fruit juice: Price ($) Quantity demanded (No. of bottles) 50 1000 80 880 110 500 Use midpoint method to calculate the price elasticity of demand of fruit juice between $80 and $110. Show your workings and round your answer to 2 decimal places. Based on your answer, is this an elastic, inelastic or unit elastic demand? Explain.

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Description: Question 2The following information reveals the market condition of fruit juice:Price ($)Quantity demanded(No. of bottles)50100080880110500Use midpoint method to calculate the price elasticity of demand of fruit juice between $80 and $110.Show your

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Question 2
The following information reveals the market condition of fruit juice:
Price ($)
Quantity demanded
(No. of bottles)
50
1000
80
880
110
500
Use midpoint method to calculate the price elasticity of demand of fruit juice between $80 and $110.
Show your workings and round your answer to 2 decimal places. Based on your answer, is this an
elastic, inelastic or unit elastic demand? Explain.

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