Chapter 6 Homework i Saved 9 The data below represent a demand schedule. Product Quantity 11.12 Price Demanded points $ 50 5 40 10 Skipped 30 15 20 20 25 Using the midpoint approach, determine the price elasticity of demand between each of the following prices: eBook Instructions: Round your answers to two decimal places. Enter your answers as a positive value (absolute value). References a. Between P1 = $50 and P2 = $40, Ed=[ b. Between P1 = $40 and P2 = $30, Ed =[ c. Between P1 = $30 and P2 = $20, Ed= d. Between P1 = $20 and P2 = $10, Ed= [ Gra Hill 790 Q Search /A 9 M1 M2 MA F1 F2 F3 F4 FE F7 FE AURA # & 3 4 5 6 7 8 9 Wapter 6 Homework i Saved 4 ADVAN CED ANALYSIS Currently, at a price of $2 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $2 to $4 is unit-elastic (Es = 1). In the long run, a price increase from $2 to $4 has an elasticity of supply of 1.50. (Hint: Apply the midpoint approach to the elasticity of supply.) 111 points Instructions: Enter your answers as a whole number. a. How many popsicles will be sold each day in the short run if the price rises to $4 each? eBook 400 popsicles b. How many popsicles will be sold per day in the long run if the price rises to $4 each? References 600 popsicles Mc Hill Q Search M1 M2 M3 MA F1 F2 F3 F4 FS F6 F7 F8 FS AURA # & 3 4 5 6 7 8 9 Q W E R T Y U O