In? 1916, the Ford Motor Company sold? 500,000 Model T Fords at a price of? $440. Henry Ford believed that he could increase sales of the Model T by? 1,000 cars for every dollar he cut the price. Use this information to calculate the price elasticity of demandLOADING for Model T Fords. Use the midpoint formula in your calculation.
Assuming the price decreases by? $1 and the quantity increases by 1000? cars, the price elasticity of demand for Model T Fords is