Using the midpoints method, calculate the price elasticity of demand of good x using the following information: when the price of good x is $50, the quantity demanded of good x is 400 units. when the price of good x rises to $60, the quantity demanded of good x falls to 300 units.

E = | -1.55 |

The demand for good X is elastic.

Explanation:

Elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of price changes. When calculating elasticity is a result greater than 1 in modulus, demand is said to be elastic (price sensitive). When the value is less than 1, in modules, demand is inelastic - little price sensitive.

The calculation of elasticity by the midpoint consists of using the following formula:

E = {(q1-q0) / [(q1 + q0) / 2] / (p1-p0) / [(p1 + p0) / 2]}

Where:

p0 = starting price

p1 = final price

q0 = initial quantity

q1 = final quantity

E = elasticity

Applying the values in the formula:

E = (300-400) / [(300 + 400) / 2] / (60-50) / [(60 + 50) / 2]}

E = (-100/350) / (10/55) =

E = -0.28 / 0.18

E = | -1.55 |

The demand is elastic.

you had the wrong answer

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number