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Critical thinking business example: Calculating the price elasticity of demand
You are the owner-manager of the Alt Heidelberg Restaurant. One entree on the menu is Steak Tartar Heidelberg. Last year this time, sales were 400 per week at $20 each. On the basis of a survey, you have determined that increasing the price to $22, ceteris paribus, would decrease the quantity demanded to 380 per week.
Use the midpoint formula to calculate the price elasticity of demand coefficient (ED) over the relevant price range.
Must write out the midpoint formula and show detailed calculations
Write the formula:
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