What is the formula for calculating the price elasticity of demand using the midpoint method (this equation should involve Q, and Q₂, P₁ and P₂) (It is okay to include the x100% on the top and bottom parts if you would like.) For a particular video game, the company sells 160 (thousand) copies of the game when the price of the game is $55. However, when they change the price to $45, the company sells 240 (thousand) copies of the game. a. As part of the process of finding the price elasticity of demand, what is the percent change in quantity using the midpoint method? Round your answer to 4 decimal places if necessary.

What is the formula for calculating the price elasticity of demand using the midpoint method (this equation should involve Q, and Q₂, P₁ and P₂) (It is okay to include the x100% on the top and bottom parts if you would like.) For a particular video game, the company sells 160 (thousand) copies of the game when the price of the game is $55. However, when they change the price to $45, the company sells 240 (thousand) copies of the game. a. As part of the process of finding the price elasticity of demand, what is the percent change in quantity using the midpoint method? Round your answer to 4 decimal places if necessary.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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