Suppose Starbucks raises the price of a cappuccino from 2 to 4. As a result, the quantity demanded of cappuccinos decreases from 16 to 20. Using the midpoint, what is the absolute value? 43, 5, 2, 2.33
Added by Melissa M.
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Midpoint formula: (Q1 + Q2) / 2 Q1 = initial quantity demanded = 16 Q2 = final quantity demanded = 20 Midpoint = (16 + 20) / 2 Midpoint = 36 / 2 Midpoint = 18 Show more…
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