When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day. In this price range, the price-elasticity coefficient (based on the midpoint formula) for candy bars is:
I will attach a jpg file explaining the procedure used in obtaining the answer. I used the midpoint formula to calculate for percentage change in Quantity and Price, before calculating the Price-elasticity coefficient.
