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Qd = 180-3P and Qs = P -20 when I set these two as equal I can find the equilibrium price at $50( is that right?) the quantity supplied will equal the quantity demanded at $50 .....but then the question asks me calculate the demand elasticity for demand when the price changes from $40 to $45 using midpoint
I usually can solve these using the formula E = %change Qty over % change in Price using the average change over the range or the midpoint but for some reason I feel stuck on this one can you help
Using the midpoint formula, calculate the elasticity for demand when the price changes from $40 to $45 (Round your answer to 2 decimal places)
2.43 , and elastic
0.24, and elastic
2.43, and inelastic
0.24, and inelastic
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