Question: Using the chart below! If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the

Using the chart below! If price changed from P1 to P2, causing quantity demanded for good X to change from Q1 to Q2: using the midpoint method; what is the Price Elasticity of demand? is the demand for good X elastic?inelastic?unit elastic?

Price Quantity Price Quantity Income Quantity P₁ 9.00 Q₁ 1.000 P_y1 8.00 Q_x1 2.000 Income₁ $28,000.00 Q₁ 50.00 P₂ 8.00 Q₂ 2.000 P_y2 7.00 Q_x2 3.000 Income₂ $30,000.00 Q₂ 52.00

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