In: Economics
A mid-point method is measured by using an ______ of prices and quantities but a ______ method is measured by using the slope of demand or supply curve.
Group of answer choices:
Slope: Average
Slope: Initial Value
Average: Slope
Initial Value: Slope
Answer C) Average: Slope
Explanation - In the Mid-point meathod average percentage change in both price and quantity is used, the key benefit of using mid-point method is it obtains same elasticity between two points of price whether there is a price decrease or increase; and Slope method is measured by using the slope of demand or supply curve.