Business, 27.06.2019 20:40 BreBreDoeCCx
In 1916, the ford motor company sold 500,000 model t fords at a price of $440. henry ford believed that he could increase sales of the model t by 1,000 cars for every dollar he cut the price. use this information to calculate the price elasticity of demand for model t fords. use the midpoint formula in your calculation. assuming the price decreases by $1 and the quantity increases by 1000 cars, the price elasticity of demand for model t fords is 1 (enter your response rounded to two decimal places).
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In 1916, the ford motor company sold 500,000 model t fords at a price of $440. henry ford believed t...
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