| D Page view A Read aloud Draw Name: Elasticity Practice Problems Remember that elasticity if just a measure of RESPONSIVENESS. You are figuring out how quantity demanded is responding to a change in another economic variable, namely price. 1. Brutus owns a French toast restaurant and raises his price from $6 a plate to $8 a plate. After doing this he witnesses a sales drop from 150 to 75. By using the mid-point formula, please calculate the price elasticity of demand and identify whether the good is elastic, inelastic, or unit elastic D 2. This is sokra at the farmers market and lower his price from 54 per pound to 52 50 Der pound when doing this revenues increase Gwen this information in Thoms operating at un elasticarnistic point on the demand curve How can you Downloads/Elasticity%20Practice%20Problems%201.par + E D Page view | A Read aloud Draw an elastic or inelastic point on the demand curve? How can you tell this? 3. The price elasticity of demand for a good is estimated to be 0.75. If the producer of the good raises their price by 15%, how much (in percentage terms) would the quantity demanded change? o cap