Applied Problems on Elasticity Name: The table below shows the demand schedule (price and quantity demanded) for a good: Price Quantity Demanded $2.50 0 $2.25 25 $2.00 50 $1.75 75 $1.50 100 $1.25 125 $1.00 150 $0.75 175 $0.50 200 $0.25 225 $0.00 250 For the following questions, use the midpoint method to calculate the price elasticity of demand, JE|. Also say whether demand is Elastic, Inelastic or Unit Elastic for each case. Show your work. a) When price changes from $1.00 to $1.75 b) When price changes from $1.50 to $1.00 c) When price changes from $2.00 to $2.50 d) When price changes from $0.25 to $1.75