Using the Midpoint Formula, What Would Be the Price Elasticity

question 56

Multiple Choice

Using the midpoint formula, what would be the price elasticity of demand for a gallbladder operation if the number of operations fell from 7000 to 4000 per week after its price increased from $6000 to $15 000?

• A) 0.254.
• B) 0.636.
• C) 0.801.
• D) 1.25.

---

Definitions:

Heroin

An opioid drug derived from morphine, highly addictive and illegal in many countries, used for its euphoric effects.

Zoopharmacognosy

Behavior in which non-human animals self-medicate.

Administration

The process of managing and overseeing the operations of an organization or institution, or the execution of policies and decisions.

Benzodiazepine

A class of psychoactive drugs known for their sedative, hypnotic, anxiolytic, and muscle relaxant properties.