Elasticities Suppose that we are thinking about a farmers market for mangos. As the price adjusts, sellers are able to see all the sales they are able to make at these given prices. This produces a demand schedule for mangos given by:

Price	Quantity
$5.00	0
$4.50	5
$4.00	10
$3.50	15
$3.00	20
$2.50	25
$2.00	30
$1.50	35
$1.00	40
$0.50	45
$0.00	50

11. Suppose that the price drops from $4.00 to $3.50. Calculate the elasticity of demand for this part of the demand curve and show that the elasticity of demand is elastic over this range. Show your work. 12. Name another $0.50 range of the Demand Curve where the elasticity of Demand is inelastic. Show that it is inelastic by calculating the elasticity of demand there.

Now consider the slope of this demand curve: 13. What is the slope of the Demand Curve between $4.00 and $3.50? Would we say that this demand curve is elastic or inelastic based upon its slope? 14. Explain how it can be possible that the slope of the demand curve may be < 1 in absolute value for some portion of the demand curve, but that the elasticity of demand can still be inelastic over that portion of the demand curve.