CENGAGE MINDTAP Chapter 05 Homework Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign) and Study Tools ptions Original Quantity Success Tips Price Success Tips $ New Average Change Percentage Change D FOR YOU Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. nits on Screen Time Feedback Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign. Using the midpoint method, the elasticity of demand for headsets is about of demand O MacBook Pro G Search or type URL Grade It Now Save & Continue Continue without saving Q Search this course en Time Chapter 05 Homework Attempts Average/2 2. Calculating the price elasticity of demand: A step-by-step guide Suppose that during the past year, the price of a virtual reality headset fell from $4,500 to $4,300. During the same time period, consumer sales increased from 353,000 to 499,000 headsets. Calculate the elasticity of demand between these two price-quantity combinations by using the following steps. After each step, complete the relevant part of the table with the appropriate answers. (Note: For decreases in price or quantity, enter values in the Change column with a minus sign.) Original Quantity Price S $ New Average Change Percentage Change Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price MacBook Pro G Search or type URL tt Q Search this course 0x A