-The data in the table above give two points on the demand curve for pizza.Using the midpoint method,when the price of a pizza falls from $10 to $9,what is the percentage change in price?
A) 8.2 percent
B) 15.5 percent
C) 10.5 percent
D) 5.0 percent
E) 1.0 percent

Question

-The data in the table above give two points on the demand curve for pizza.Using the midpoint method,when the price of a pizza falls from $10 to $9,what is the percentage change in price?
A) 8.2 percent 
B) 15.5 percent 
C) 10.5 percent 
D) 5.0 percent 
E) 1.0 percent

Quizplus · Accepted Answer

The midpoint method calculates the percentage change in price as: [(New Price - Old Price) / ((New Price + Old Price) / 2)] * 100. Substituting the given values: [(9 - 10) / ((9 + 10) / 2)] * 100 = (-1 / 9.5) * 100 = -10.5%. The percentage change is 10.5% (ignoring the negative sign for the magnitude).

-The Data in the Table Above Give Two Points on the Demand