calculate the elasticity of demand and elasticity of supply at each price change in the market the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices.

Price Quantity Demanded elasticity of demand Quantity Supplied Elasticity Supply

$20 550,000 50,000

$23 475,000 85,000

$25 330,000 150,000

$30 275,000 185,000

$40 200,000 200,000

$45 150,000 285,000

$60 100,000 355,000

$70 50,000 425,000