### The price elasticity of demand according to the instructions

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When the price of a bar of chocolate is \$1.00, demand is 100,000 bars. When the price rises to \$1.50, demand falls to 60,000 bars. Calculate the price elasticity of demand according to the instructions below.

a. Suppose price increases from \$1.00 to \$1.50. The price elasticity of demand in terms of percentage change is?

b. Suppose price decreases from \$1.50 to \$1.00. The price elasticity of demand in terms of percentage change is?

c. Suppose the price increases from \$1.00 to \$1.50. The price elasticity of demand using the mid-point method is?

d. Suppose the price decreases from \$1.50 to \$1.00. The price elasticity of demand using the mid-point formula is?

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