Suppose the quantity of steak purchased by the Jones family is 118 pounds per year when the price is $2.10 per pound, and 82 pounds per year when the…

Suppose the quantity of steak purchased by the Jones family is 118 pounds per year when the price is $2.10 per pound, and 82 pounds per year when the price is $3.90 per pound. Since we do not know the function of the demand curve, we can calculate only the arc elasticity. So by using the midpoints formula, for this family, the price elasticity of demand is |E| =