Consider the market for a breakfast cereal. The cereal's price is initially $3.00 and 70 thousand boxes are demanded per week.
The company that produces the cereal is considering raising the price to $4.00. At that price, consumers would demand 60 thousand boxes of cereal per week.
What is the price elasticity of demand between these prices using the midpoint formula?
The price elasticity of demand using the midpoint formula is ____. (Enter your response as a real number rounded to two decimal places.)