Using the midpoint method,the price elasticity of demand for a good is computed to be approximately 0.78.Which of the following events is consistent with a 4.68 percent decrease in the quantity of the good demanded?
A)a 3.65 increase in the price of the good
B)a 16.67 percent increase in the price of the good
C)an increase in the price of the good from $48.00 to $50.97
D)an increase in the price of the good from $65.00 to $66.98

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The Answer of Using the midpoint method,the price elasticity of demand for a good is computed to be approximately 0.78.Which of the following events is consistent with a 4.68 percent decrease in the quantity of the good demanded?
A)a 3.65 increase in the price of the good
B)a 16.67 percent increase in the price of the good
C)an increase in the price of the good from $48.00 to $50.97
D)an increase in the price of the good from $65.00 to $66.98

Using the Midpoint Method,the Price Elasticity of Demand for a Good