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Quantity of cookies demanded in the market falls

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Reference no: EM132519464

Suppose that when the price of cookies is $1 and the price of a slice of pizza is $1, market demand for cookies is 2,500 cookies.

When the price of cookies rises to $2, the quantity of cookies demanded in the market falls to 1,500. Using the midpoint method, what is the price elasticity of demand for cookies?

Reference no: EM132519464

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