Use the following information to answer questions 6 through 10: Suppose the equation of the line changes to P=-5*Q+70. Compute the quantity demanded at each indicated price. 6. Price: $50, Quantity: 7. Price: $40, Quantity: 8. Price: $30, Quantity: 9. Price: $20, Quantity: 10. Price: $10, Quantity:

Use the following information to answer questions 6 through 10: Suppose the equation of the line changes to P=-5*Q+70. Compute the quantity demanded at each indicated price. 6. Price: $50, Quantity: 7. Price: $40, Quantity: 8. Price: $30, Quantity: 9. Price: $20, Quantity: 10. Price: $10, Quantity:

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign. Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)
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