4. Elasticity
Elasticity and the Midpoint Method
4. Elasticity
Elasticity and the Midpoint Method
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The price of widgets is currently \$44 with a quantity demanded of 200,000 units. If the price decreases to \$36, the quantity demanded increases 280,000. Using the midpoint method, what is the price elasticity of demand? Is demand elastic or inelastic?
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Assume that the price elasticity of demand for cigarettes is 0.4. If a pack of cigarettes currently costs \$6 and the government aims to decrease smoking by 20 percent, by how much should it increase the price?
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What is the midpoint method for elasticity?
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