At a price of $5, the quantity demanded for pens is 16. When the price decreases to $3, the quantity demanded for pens is 50. Using the midpoint method, the price elasticity of demand for pens is
Added by Mark P.
Step 1
- Initial price (P1) = $5 - New price (P2) = $3 - Initial quantity demanded (Q1) = 16 - New quantity demanded (Q2) = 50 Show more…
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