An economist collected the following data points on the demand for gadgets.
$\begin{array}{llcc}
\text {Price } &\text { Quantity Demanded } \
\$ 10 & 5,000 \
\$ 12 &4,000 \
\end{array}$
Using the midpoint method, what is the price elasticity of demand? Use your answer to determine whether demand for this product is elastic or inelastic.

Question

An economist collected the following data points on the demand for gadgets.
 $\begin{array}{llcc}
  \text {Price  } &\text { Quantity Demanded }  \
 \$ 10 & 5,000 \
\$ 12 &4,000 \
\end{array}$
 Using the midpoint method, what is the price elasticity of demand? Use your answer to determine whether demand for this product is elastic or inelastic.

Quizplus · Accepted Answer

The Answer of An economist collected the following data points on the demand for gadgets.
 $\begin{array}{llcc}
  \text {Price  } &\text { Quantity Demanded }  \
 \$ 10 & 5,000 \
\$ 12 &4,000 \
\end{array}$
 Using the midpoint method, what is the price elasticity of demand? Use your answer to determine whether demand for this product is elastic or inelastic.

An Economist Collected the Following Data Points on the Demand Price Quantity Demanded $105,000$124,000\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}Price $10$12​ Quantity Demanded 5,0004,000​

An Economist Collected the Following Data Points on the Demand $\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}$