The accompanying table represents the price and yearly quantity sold of ice cream cones on Sidfield Island.
Price of Ice Cream Cones
Quantity of Ice Cream Cones Demanded
a. Using the midpoint method (show your work), Determine the price elasticity of demand when the price of an ice cream cone increases from $1 to $2. What does this estimate imply about the price elasticity of require for ice cream cones?