can you solve this economics question please. its the last one I have and I'm stuck.?
The price of widgets has decreased from $5 to $4, causing the quantity demanded to increase from 300 to 400 units. Use the midpoint method to calculate the price elasticity of demand. Round to two decimal places and use absolute values.
- OiyLv 61 month ago
The answer is -1.285. If you can follow me, it is (100%350)%(1%4.5) or in full (400-300)%(400+300)/2%(3-4)%(3+4)%2. Voila.