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Virty [35]
2 years ago
6

Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs

. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 0.6
B) 1.67
C) 1.0
D) 0.53
Business
1 answer:
grigory [225]2 years ago
4 0

Answer:

The answer is: A) 0.6

Explanation:

First we will calculate the midpoint for units:

  • change in units = 40 - 60 = -20
  • average units = (40 + 60) / 2 = 50
  • midpoint for units = 20 / 50 = 0.4 (we only use positive numbers)

Now we will calculate the midpoint for price:

  • change in price = 40 - 20 = 20
  • average price = (40 + 20) / 2 = 30
  • midpoint for units = 20 / 30 = 0.67

Finally we divide 0.4 / 0.67 = 0.6

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