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Calculate the price elasticity of demand

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Reference no: EM131645055

In? 1916, the Ford Motor Company sold? 500,000 Model T Fords at a price of? $440. Henry Ford believed that he could increase sales of the Model T by? 1,000 cars for every dollar he cut the price. Use this information to calculate the price elasticity of demandLOADING...
for Model T Fords. Use the midpoint formula in your calculation.

Assuming the price decreases by? $1 and the quantity increases by 1000? cars, the price elasticity of demand for Model T Fords is

Reference no: EM131645055

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