Fill in the blanks: Quantity Demanded Price per unit per period $3 80 $4 70 $5 60 $6 50 $7 40 $8 30 $9 20 $10 10 Refer to the above data for a demand curve. Complete the following statements using the midpoint formula. Between a price of $4 and $5, the price elasticity of demand is -0.7 (round to one decimal point) and at that point the demand elasticity is inelastic Between a price of $8 and $9, the price elasticity of demand is -3.4 (round to one decimal point) and at that point the demand elasticity is elastic Revenue is maximized when the price is at $ 6 and the demand elasticity equals

Fill in the blanks: Quantity Demanded Price per unit per period $3 80 $4 70 $5 60 $6 50 $7 40 $8 30 $9 20 $10 10 Refer to the above data for a demand curve. Complete the following statements using the midpoint formula. Between a price of $4 and $5, the price elasticity of demand is -0.7 (round to one decimal point) and at that point the demand elasticity is inelastic Between a price of $8 and $9, the price elasticity of demand is -3.4 (round to one decimal point) and at that point the demand elasticity is elastic Revenue is maximized when the price is at $ 6 and the demand elasticity equals

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Hi! I am unsure if this is correct... do you think you could possibly look it over for me and let me know? Thank you so much :)

Fill in the blanks:
Quantity
Demanded
Price
per unit
per period
$3
80
$4
70
$5
60
$6
$7
50
40
$8
30
$9
20
$10
10
Refer to the above data for a demand curve. Complete the following statements using the midpoint formula.
Between a price of $4 and $5, the price elasticity of demand is -0.7
|(round to one decimal point) and at that point the demand
elasticity is inelastic
Between a price of $8 and $9, the price elasticity of demand is -3.4
(round to one decimal point) and at that point the demand
elasticity is elastic
Revenue is maximized when the price is at $ 6
and the demand elasticity equals
|-1

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