Consioer ihs folowing demand sch Price Quantity 536 16 $30 24 $12 60 80 Complete the following table by calculating the alasticity of demand using the midpoint formula (Enter your responses as a positive number and round to two decmal pieces) Price Changes From: S8 to $12 Elasticity of Demand $12 to 530 $30 to 536 Whan price rises tom s0 to 512 tatal epandhure on this pood When price rises from $12 to $30, total expenditure on this good When price rises trom $30 to 536, total expendhure on this good
Consioer ihs folowing demand sch Price Quantity 536 16 $30 24 $12 60 80 Complete the following table by calculating the alasticity of demand using the midpoint formula (Enter your responses as a positive number and round to two decmal pieces) Price Changes From: S8 to $12 Elasticity of Demand $12 to 530 $30 to 536 Whan price rises tom s0 to 512 tatal epandhure on this pood When price rises from $12 to $30, total expenditure on this good When price rises trom $30 to 536, total expendhure on this good
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Consider the following demand schedule
Price
Quantity
536
16
$30
24
$12
60
58
80
Complete the following table by calculating the alasticity of demand using the midpoint farmula. (Enter your responses as a positive number and round to two
decimal piaces)
Price
Changes From:
S8 to $12
Elasticity of
Demand
$12 to 530
530 to $36
When price rieses from $8 to $12. total expenditure on this good
When price rises from $12 to $30, total expenditure on this good
When price rises from $30 to $36, total expenditure on this good](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8aacbef-19f0-47f0-a485-b6ce35bf68f2%2F2bb2d5a4-f6f9-4f14-9bc9-82c48b3fc9df%2Fk2fdfii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Consider the following demand schedule
Price
Quantity
536
16
$30
24
$12
60
58
80
Complete the following table by calculating the alasticity of demand using the midpoint farmula. (Enter your responses as a positive number and round to two
decimal piaces)
Price
Changes From:
S8 to $12
Elasticity of
Demand
$12 to 530
530 to $36
When price rieses from $8 to $12. total expenditure on this good
When price rises from $12 to $30, total expenditure on this good
When price rises from $30 to $36, total expenditure on this good
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