1. Use the table to answer the following questions. Be sure to use the midpoint formula to deter- mine your percentage changes and show your work. After doing each calculation, tell if the price elas- ticity is elastic, inelastic, or unit elastic. quantity price demanded 4 48 5 44 6 40 7 36 12 8 32 16 9 28 20 10 24 24 a) what is the price elasticity of demand between a price of $4 and $5? complement necessity b) what is the price elasticity of supply between a price of $4 and $5? complement elastic inelastic necessity c) what is the price elasticity of supply between a price of $7 and $8? complement necessity it is (circle all that apply) it is (circle all that apply) it is (circle all that apply) quantity supplied 0 4 8 elastic substitute unit elastic inelastic substitute unit elastic elastic substitute inelastic unit elastic luxury luxury luxury

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