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Calculate the midpoint price elasticity of demand

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Reference no: EM13798307

Following table shows the demand for Bill's's Bakery apple pies:

Price ($)               Quantity Sold

$9           1,000

$10         850

$11         780

1) Calculate the midpoint price elasticity of demand between $9 and $10. Is the demand in this range elastic or inelastic?

2) Calculate the midpoint price elasticity of demand between $10 and $11. Is the demand in this range elastic or inelastic?

Reference no: EM13798307

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