Question

according to the midpoint method, the price elasticity of demand for oranges between point x and point y is approximately0.05 , which suggests that the demand for oranges is between points x and y.

Answer 1

Yes According to the Mid Point Method The degree to which customers are receptive to price changes is gauged by their price elasticity of demand.

WORKING OF MID POINT METHOD

Demand is considered to be elastic if consumer behaviour changes significantly in reaction to a minor change in price, as opposed to inelastic if customers alter their purchasing behaviour very little in response to a large change in price.

• The percentage change in quantity subtracted from the percentage change in price represents the price elasticity of demand. The following formula may be used to calculate the percentage change in the number of oranges requested in this area using the midpoint method:

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