Question : Question
The short-run price elasticity of demand : 6284
The short-run price elasticity of demand for tires is 0.90. The mid-point formula was used for this calculation. If an increase in the price of petroleum (used in producing tires) causes the market prices of tires to rise from $60 to $70.by what percentage would you expect the quantity of tires demanded to change? %. (Your answer should have one decimal place, and should not have a negative sign).