Study each of the demand schedules below and plot them on the graphs. Then answer the...

    

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Study each of the demand schedules below and plot them on the graphs. Then answer the ques tions that accompany the graphs. APPLES a Which of the three items has the most elastic demand? Why does it have the most elasticity? Price 7 per Bushel Quantity Demanded (bushels) $7 76543 20 40 60 Dollars per bushel 6 80 100 20 40 60 Bushels 80 80 100 Price per Gallon GASOLINE Quantity Demanded (gallons) $5 54321 27 30 40 Dollars per gallon 55 1 70 20 40 60 Gallons -g 80 100 b Which of the three items has the most inelastic demand? Why does it have the most inelasticity? MILK Price per Gallon Quantity Demanded (gallons) $5 54321 40 42 43 45 48 Dollars per gallon 3 5 4. C How does the slope of a demand curve differ when it is elastic from when it is inelas- tic? 20 40 60 80 100 Gallons Study each of the demand schedules below and plot them on the graphs. Then answer the ques tions that accompany the graphs. APPLES a Which of the three items has the most elastic demand? Why does it have the most elasticity? Price 7 per Bushel Quantity Demanded (bushels) $7 76543 20 40 60 Dollars per bushel 6 80 100 20 40 60 Bushels 80 80 100 Price per Gallon GASOLINE Quantity Demanded (gallons) $5 54321 27 30 40 Dollars per gallon 55 1 70 20 40 60 Gallons -g 80 100 b Which of the three items has the most inelastic demand? Why does it have the most inelasticity? MILK Price per Gallon Quantity Demanded (gallons) $5 54321 40 42 43 45 48 Dollars per gallon 3 5 4. C How does the slope of a demand curve differ when it is elastic from when it is inelas- tic? 20 40 60 80 100 Gallons