Assume this is the demand schedule for Madison Middle School for hot dogs during a Saturday football game. Price | Quantity Demanded 0 | 200 $1 | 150 $2 | 100 $3 | 50 $4 | 0 Using the midpoint method, the price elasticity of demand when the price falls from $4 to $3 is ____ and it is considered to be ____. a) 7.00; elastic b) 6.60; inelastic c) 1.78; inelastic d) 4.67; elastic
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