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
$1	3000
$2	2400
$3	1600
$4	800

 

 

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?

 

 

 

 

Posted Date: 3/23/2013 6:16:48 AM | Location : United States

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