Using the midpoint method to calculate the price of elasticity

timer Asked: Mar 9th, 2016

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









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) Studypool Tutor
School: Rice University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors