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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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