Suppose in a midsize city in the Southeast the price of TOFU salads has risen from $5.50 to $8.00. Sales of TOFU salads have fallen from 10,000 to 9,000. Determine the mid-point method elasticity for this market change. (2 decimal places and correct sign).

Suppose in a midsize city in the Southeast the price of TOFU salads has risen from $5.50 to $8.00. Sales of TOFU salads have fallen from 10,000 to 9,000. Determine the mid-point method elasticity for this market change. (2 decimal places and correct sign).

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....

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