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Critical thinking business example calculating the price

Critical thinking business example: Calculating the price elasticity of demand

You are the owner-manager of the Alt Heidelberg Restaurant. One entree on the menu is Steak Tartar Heidelberg. Last year this time, sales were 400 per week at $20 each. On the basis of a survey, you have determined that increasing the price to $22, ceteris paribus, would decrease the quantity demanded to 380 per week.

Use the midpoint formula to calculate the price elasticity of demand coefficient (E_D) over the relevant price range.

Must write out the midpoint formula and show detailed calculations

Write the formula:

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Microeconomics: Critical thinking business example calculating the price

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