Suppose for a particular good that when the price rises from $15 to $25 the quantity demanded of the good falls from 70,000 units to 50,000 units. using the midpoint method the price elasticity of demand is 0.33 0.67 1.50 3.00

The price elasticity of demand using the midpoint formula is -0.67.

The mid-point formula for calculating percentage changes is given by:

Percentage change in quantity = { ( Q₂ - Q₁) / [ (Q₁ + Q₂)/2 ] } × 100

Percentage change in quantity = {( 70000-50000) / [(50000 + 70000)/2 ]}×100

Percentage change in quantity = (20000/ 60000) × 100

Percentage change in quantity = 33.33%

Percentage change in price ={ ( P₂ - P₁) / [ (P₁ + P₂)/2 ] } × 100

Percentage change in price = {( 15-25) / [(25 + 15)/2 ]}×100

Percentage change in price = (-10/ 20) × 100

Percentage change in price = -50.00%

Price Elasticity of Demand = (% change in quantity) ÷ (% change in price)

Price Elasticity of Demand = 33.33/-50 = -0.67

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