08 Question (3 points) See page 120 The table below shows the demand schedule for a pint of Sweet Chocolate, a delicious peanut butter chocolate stout: Price Quantity Demanded $8 UT WO $6 One of the problems with the basic elasticity formula is that you get different elasticity values depending on whether you assume the price falls from $8 to $6, or whether you assume the price rises from $6 to $8. The question below illustrates how the midpoint formula corrects for this problem. Give all answers to two decimals. v 1st attempt Part 1 (1 point) See Hint Use the point elasticity formula to calculate the price elasticity of demand if the price of a pint falls from $8 to $6: Part 2 (1 point) See Hint Use the point elasticity formula to calculate the price elasticity of demand if the price of a pint rises from $6 to $8: Part 3 (1 point) See Hint Using the midpoint method to calculate the price elasticity of demand, the price elasticity of demand is