Using the midpoint method,the price elasticity of demand for a good is computed to be approximately 1.5.Which of the following events is consistent with a 3.5 percent increase in the price of the good?
A)The quantity of the good demanded decreases from 25,294 to 24,000.
B)The quantity of the good demanded decreases from 50,000 to 48,847.
C)The quantity of the good demanded decreases by 2.33 percent.
D)The quantity of the good demanded decreases by 4.29 percent.

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The Answer of Using the midpoint method,the price elasticity of demand for a good is computed to be approximately 1.5.Which of the following events is consistent with a 3.5 percent increase in the price of the good?
A)The quantity of the good demanded decreases from 25,294 to 24,000.
B)The quantity of the good demanded decreases from 50,000 to 48,847.
C)The quantity of the good demanded decreases by 2.33 percent.
D)The quantity of the good demanded decreases by 4.29 percent.

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