Business, 26.06.2020 15:01 edwinadidas9938
When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, the price elasticity of demand for good A is
Answers: 2
![E=\frac{(Q2-Q1)/[(Q2+Q1)/2]}{(P2-P1)/[(P2+P1)/2]}](/tpl/images/0694/4901/fedd0.png)
![E=\frac{(400-500)/[(400+500)/2]}{(70-50)/[(70+50)/2]}\\E=-0.6667](/tpl/images/0694/4901/2f340.png)
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When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of goo...
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