Question: Price Quantity per unit Demanded per period $3 80 $4 70 $5 60 $6 50 $7 40 $8 30 $9 20 $10 10 Refer to

Price Quantity per unit Demanded per period $3 80 $4 70

Price Quantity per unit Demanded per period $3 80 $4 70 $5 60 $6 50 $7 40 $8 30 $9 20 $10 10 Refer to the above data for a demand curve. Complete the following statements using the midpoint formula. Between a price of $4 and $5, the price elasticity of demand is 4 X (round to one decimal point) and at that point the demand elasticity is 5 X Between a price of $8 and $9, the price elasticity of demand is 70 * (round to one decimal point) and at that point the demand elasticity is .7 X . Revenue is maximized when the price is at $ -3.4 X and the demand elasticity equals |-1

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