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(Solved): 'ools 3. Using the midpoint method The following graph gives two points (A and B) along a hypothetic ...
'ools 3. Using the midpoint method The following graph gives two points (A and B) along a hypothetical demand curve for tofu. PRICE (Dollars per pound) 12 11 10 9 7 9 3 2 1 0 0 10 B 90, 2 A 80 90 20 30 40 50 60 70 QUANTITY (Thousands of pounds of tofu) Demand 100 110
3. Using the midpoint method The following graph gives two points ( and ) along a hypothetical demand curve for tofu.
Using the midpoint method, the price elasticty of demand for tofu between point A and point B is approximately This indicates that demand for tofu is between points and .