1. The price is from $6 to $7 (7-6=1/6= 0.1666) Change in Price= 0.1666= 16% Change in Demand from 26 to 28. (26-28= -2/28=-0.0714) Change in Q.D.=-0.0714=-7% -0.0714/0.1666=-0.428 Price of elasticity is -0.428= -42% 2. The price from $11 to $12 {12-11=1/11= 0.09) Change in Price= 0.09= 9% Change in demand from 5 to 10. (5-10= -5/10=-0.5) Change in Q.D.= -0.5=-50% -0.5/0.09=-5.555 Price of elasticity is -5.555= -555% 3. The price is elastic 4. The price is elastic 22 18 Demand Supply Quantity Price ($) Demanded Quantity Supplied 5 30 4 6 28 6 26 10 8 22 14 9 18 18 10 14 22 11 10 28 12 5 30 1. Calculate the price elasticity of demand as the price moves from $6 to $7 above 2. Calculate the price elasticity of supply as the price moves from $11 to $12 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