5. a. Using the data found in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. mark Price Quantity $45 $60 $95 $160 Demanded $185 1,800,00 $100 1,300,000 $210 1,575,000 $125 1,395,000 1,330,000 1,085,000 900,000 745,000 Elasticity of Quantity Demand Supplied 645,000 740,000 865,000 910,000 1,395,000 1,750,000 1,925,000 2,100,000 Elasticity of Supply

5. a. Using the data found in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. mark Price Quantity $45 $60 $95 $160 Demanded $185 1,800,00 $100 1,300,000 $210 1,575,000 $125 1,395,000 1,330,000 1,085,000 900,000 745,000 Elasticity of Quantity Demand Supplied 645,000 740,000 865,000 910,000 1,395,000 1,750,000 1,925,000 2,100,000 Elasticity of Supply

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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