Using the mid point equation, calculate the price elasticity of demand for the market demand curve for a change from the equilibrium price of $4.00( show the equation and all calculations) is the demand curve elastic or I elastic for this price change? What would happen to the total market revenue if the price changed to $4.00 b. If a new firm(competitor) enters this market so that 6adsitional units are supplied at each price above $0, what would happen to the equilibrium price and quantity and the total market revenue of the market. Add a new market supply curve to your original graph and indicate the new equilibrium price and quantity on the appropriate axes.
A. Using the mid point equation, calculate the
b. If a new firm(competitor) enters this market so that 6adsitional units are supplied at each price above $0, what would happen to the equilibrium price and quantity and the total market revenue of the market. Add a new market supply curve to your original graph and indicate the new equilibrium price and quantity on the appropriate axes.
![Daily Demand and Supply Schedule for Coffee
Price
Michael
Total
Sally
John
Total
Demand
Supply
$7
3.
0.
15
$6
4
12
0.
1
$5
9.
1
3
$4
6.
4
$3
7.
3.
$2
8.
4
6.
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