When the price of a can of coca-cola increased from 60 cents to 80 cents a can, the quantity dropped from 1 million cans per day to 500,000 cans per day. using the midpoint formula for computing the elasticity, the price elasticity of demand for coca-cola is:
a. unit elastic
b. inelastic
c. β2.33
d. β0.233
e. β1.5
Answers: 3
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