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1. For a little practice calculating the elasticity of demand, suppose we have Q D = 1500 - 15P as the demand for Levi's jeans.

1. For a little practice calculating the elasticity of demand, suppose we have QD = 1500 - 15P as the demand for Levi's jeans. Using the mid-point method, what is |ED| when price is in the

(a) $50-$60 range? Is this elastic or inelastic?

(b) $70-$75 range? Is this elastic or inelastic?

(c) Consider the overall demand for jeansthat is, jeans in general, all brands. Explain: would we find that that demand is more or less elastic than demand for Levi's?

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