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At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is____________.

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Karabo99

Answer:

The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is 1.

Explanation:

Elasticity of demand = [(6 - 2)/(6 + 2)/2]/[(2 - 6)/(2 + 6)/2]

                                  = 1

Therefore, The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is 1.