Compute only the arc elasticity

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Reference no: EM1344240

Q. Assume the quantity of steak purchased by the Jones family is 118 pounds per yr when the price is $2.10 per pound also 82 pounds per yr when the price is $3.90 per pound. Since we do not know the function of the demand curve, we can Compute only the arc elasticity. So by using the midpoints formula, for this family, the price elasticity of demand is |E| =?

Reference no: EM1344240

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