The price of a widget decreases from $1 to $0.60, and in response to the price change the quantity demanded increases from 7 to 9 units. Therefore, demand for widgets in this price range: (Use the midpoint formula and write your answer in absolute terms, meaning as a positive number)
The price of a widget decreases from $1 to $0.60, and in response to the price change the quantity demanded increases from 7 to 9 units. Therefore, demand for widgets in this price range: (Use the midpoint formula and write your answer in absolute terms, meaning as a positive number)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 2ST
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