Question

According to the midpoint method, the price elasticity of demand for oranges between point x and point y is approximately , which suggests that the demand for oranges is between points x and y.

Answer 1

The factor that suggests that the demand for oranges is between points x and y is the price elasticity of demand.

What is the price elasticity of demand in this scenario?

The price elasticity of demand is said to look t or measures the responsiveness of consumers to the various changes in price.

The price elasticity of demand is known also to be the percentage change in quantity and divided by the percentage change in price.

Based on  the midpoint method, you can input the percentage change in quantity of oranges demanded in the above region.

A good without any close substitutes is said to may have relatively inelastic demand, since consumers may not likely switch to a substitute good if the price of the good increases.

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