4. Elasticity

When calculating percentage change using the midpoint (arc elasticity) method, is the percent increase from 50 to 70 equal to the percent decrease from 70 to 50? Which statement is correct?

The price elasticity of demand measures:

Which of the following statements about the price elasticity of demand is correct?

In terms of price elasticity of demand, demand is said to be inelastic when a 1% increase in price leads to a less than 1% decrease in quantity demanded; equivalently, when the absolute value of the price elasticity of demand is in what range?