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ECON-1103 Lecture Notes - Midpoint Method

Canada

Introduction to Economics: Micro

ECONOMICS

University of Winnipeg

Introduction to Economics: Macro

Determine the price elasticity of demand at each quantity demanded using the arc or midpoint formula: Percentage change in quantity demanded =(Q2-Q1)/Q1 divided by percentage change in price= (P2-P1)/P1.
Redo the exercise using price changes of $10 rather than $5.

a. Determine the price elasticity of demand at each quantity demanded using the arc or midpoint formula: Percentage change in quantity demanded =(Q2-Q1)/Q1 divided by percentage change in price= (P2-P1)/P1.
b. Redo exercise using price changes of $10 rather than $5.

The midpoint method for calculating price elasticity of demand is:

ECON-1103 Lecture Notes - Midpoint Method

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