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.

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

Solutions

Expert Solution

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.

Rahul Sunny answered 2 years ago

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