99 Sat Oct 11 2:19:36 PM Do Homework tim gillespie https://www.mathxl.com/Studen

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99 Sat Oct 11 2:19:36 PM Do Homework tim gillespie https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkld-216901647&questionld; 1&flushed-false;&cld-2764870;&cen; Homework: Chapter 5 Text Problem 3 Exercise Score: 0 of 1 pt 3 of 20 complete Assignment Score: 15% (3 of 20 pts) Using the midpoint formula, calculate elasticity for the following changes in demand by a household. Demand for Cooked shrimp $9 per lb $12 per lb 2 lb per month 1.5 lb per month Price elasticity of demand is (Enter your response rounded to two decimal places and include a minus sign y necessary.) Enter your answer in the answer box, then click Check Answer. All parts showing Clear All Final Check

Explanation / Answer

-0.75

e= % change in quantity/% change in price

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