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In New Hampshire, people consumed an average of 39.8 gallons of beer in 2018, and the price per gallon was about $7.61. Suppose all of the difference in beer consumption is due to the price difference.
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In New Hampshire, people consumed an average of 39.8 gallons of beer in 2018, and the price per gallon was about $7.61. Suppose all of the difference in beer consumption is due to the price difference. Use the midpoint formula to calculate the price elasticity of demand.

User Dhrubajyoti Gogoi
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1 Answer

4 votes

Answer:

Price elasticity of demand = 0.25

Step-by-step explanation:

The detailed steps and appropriate derivation is as shown in the attached file.

In New Hampshire, people consumed an average of 39.8 gallons of beer in 2018, and-example-1
User Danielreiser
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