Graph demand data & use midpoint formula
reneegg1990Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible $1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity?
Product Price | Quantity Demanded |
$5 | 1 |
4 | 2 |
3 | 3 |
2 | 4 |
1 | 5 |
Hint: Use my spreadsheet “Elasticity” to easily calculate coefficients of elasticity.
11 years ago
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