When the price of a good decreases from $ 70 to $ 60 , the quantity demanded rises from 2,800 to 3,000 units, using the midpoint formula the price elasticity of demand is __________?   A. 6.9   B. none of the above   C. 15.4   D. 0.45

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
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Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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When the price of a good decreases from $ 70 to $ 60 , the quantity demanded rises from 2,800 to 3,000 units, using the midpoint formula the price elasticity of demand is __________?

  A.

6.9

  B.

none of the above

  C.

15.4

  D.

0.45

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