Answered: Suppose the price of product X is…

Suppose the price of product X is reduced from $2.45 to $1.35 and, as a result, the quantity of X demanded increases from 2,100 to 2,300. Using the midpoint formula, the percentage change in price is

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.10: Application 10: Speculators, Price Variability, And Patterns

Problem 2ST

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Suppose the price of product X is reduced from $2.45 to $1.35 and, as a result, the
quantity of X demanded increases from 2,100 to 2,300. Using the midpoint formula,
the percentage change in price is

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