Question: price ($) Quantity demanded Quantity supplied 5 30 4 6 28 6 7 26 10 8 22 14 9 18 18 10 14 22 11

price ($) Quantity demanded Quantity supplied
5 30 4
6 28 6
7 26 10
8 22 14
9 18 18
10 14 22
11 10 28
12 5 30

Use the midpoint method for elasticity to solve questions A-B

1. Calculate the price elasticity of demand as price moves from $6 to $7 above

2. Calculate the price elasticity of supply as price moves from $11 to $12 above

3. From question A above, is the price elasticity elastic, inelastic or unitary?

4. From question B above, is the price elasticity elastic, inelastic or unitary?

5. Graph the table above

6 To get full points, show your workings (calculations) for A and B and explain your answer

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