Suppose a market has the demand function QD =12 - 0.6P Using the midpoint method, what is the price elasticity of demand between $10 and $20 (calculate your answers up to two decimal points, such as 2.0, 2.01, 2.10 Please do not use fractions or percentages. For example, do not write 22%, write as 0.22 instead) for p1=$10, q1= for p2=$20, q2= percentage change of price = percentage change of quantity= price elasticity of demand =
Suppose a market has the demand function QD =12 - 0.6P Using the midpoint method, what is the price elasticity of demand between $10 and $20 (calculate your answers up to two decimal points, such as 2.0, 2.01, 2.10 Please do not use fractions or percentages. For example, do not write 22%, write as 0.22 instead) for p1=$10, q1= for p2=$20, q2= percentage change of price = percentage change of quantity= price elasticity of demand =
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose a market has the
QD =12 - 0.6P
Using the midpoint method, what is the
(calculate your answers up to two decimal points, such as 2.0, 2.01, 2.10 Please do not use fractions or percentages. For example, do not write 22%, write as 0.22 instead)
- for p1=$10, q1=
- for p2=$20, q2=
- percentage change of price =
- percentage change of quantity=
- price elasticity of demand =
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