Using the midpoint formula and the demand curve below, calculate the own-price elasticity going from Q = 40 to Q = 30. Round your answer to the nearest 3rd decimal place. And don't forget to give the elasticity its proper sign. (Positive needs no indication, negative requires a negative sign in front of the number. Demand curve Price 30 25 20 10 5 0 0 10 20 30 Quantity 40 50 60 70

Using the midpoint formula and the demand curve below, calculate the own-price elasticity going from Q = 40 to Q = 30. Round your answer to the nearest 3rd decimal place. And don't forget to give the elasticity its proper sign. (Positive needs no indication, negative requires a negative sign in front of the number. Demand curve Price 30 25 20 10 5 0 0 10 20 30 Quantity 40 50 60 70

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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