(Answered) Suppose a firm sells 15000 units when the price is 20 but

Management Studies

Suppose a firm sells 15,000 units when the price is $20, but sells 25,000 units when the price falls to $14.

A. Calculate the percentage change in the quantity sold over this price range using the midpoint formula.

B. Calculate the percentage change in the price using the midpoint formula.

C. Find the price elasticity of demand over this range of prices. State whether demand is elastic or inelastic over this range.

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Business Management, Management Studies

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