Using the midpoint method to calculate the price of elasticity

SoccerBoss
Category:
Economics
Price: $5 USD

Question description

I am having trouble with the midpoint method, 

  1. Using the midpoint method (show your work), calculate the price elasticity of demand when the price of an ice cream cone rises from $1 to $2.  What does this estimate imply about the price elasticity of demand for ice cream cones?

Price of Ice Cream Cones

Quantity of Ice Cream Cones Demanded

$1

3000

$2

2400

$3

1600

$4

800

I have this so far 2400-3000/(3000+2400)/2 =-600/2400 = -0.22

then 2-1/1+2/2= 1 and 1.5 not sure where do go from here 

Tutor Answer

(Top Tutor) Daniel C.
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School: Duke University
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