Suppose an increase in price decreases quantity demanded from 210 to 190. Using the mid-point formula,...
Homework Answers
Answer:
% change in quantity demanded
= ( Q2 - Q1 ) / (Q2+Q1) / 2
= ( 190 - 210 ) / (190 + 210 ) / 2
= - 20 / 200
= - 0.1
= 10% decrease in quantity demanded
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