Answered: Price ($) Quantity Demanded Quantity…

Business

Economics

Price ($) Quantity Demanded Quantity Supplied 5 30 4 6 28 6 7 26 10 8 22 14 9 18 18 10 14 22 11 10 12 150 28 30

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section5.2: Cloting Choices

Problem 1R

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Question

Use the midpoint method for elasticity to solve questions 1-2
1. Calculate the price elasticity of demand as price moves from $6 to $7 above
2. Calculate the price elasticity of supply as price moves from $11 to $12 above
3. From question 1 above, is the price elasticity elastic, inelastic or unitary?
4. From question 2 above, is the price elasticity elastic, inelastic or unitary?
5. Graph the table above.
6. Show your step by step workings (calculations) for 1 and 2 and explain the answers for 3-4

Price ($)
Quantity Demanded Quantity Supplied
5
30
4
6
28
6
7
26
10
8
22
14
9
18
18
10
14
22
11
10
12
150
28
30

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