Answer
b. ½
Work Step by Step
The midpoint method is calculated as $[(Q2-Q1)/[Q2+Q1)/2]]/[(P2-P1)/[(P2+P1)/2]]$
Plugging in the numbers, we get: $[(110-90)/[(110+90)/2]]/[(12-8)/[(12+8)/2]] = 20/100 / 4/10 = 1/2$
Principles of Microeconomics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516590X
ISBN 13:
978-1-28516-590-5
Chapter 5 - Part II - Elasticity and its Application - Quick Check Multiple Choice - Page 108: 2
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