find the elastciity of demand between x and Y using the midpoint

6 Chrome File Edit View History Bookmarks Profiles Tab Window Help @ )3 E '6? 84%93' $un1OZ4OAM Q 0 EE | Content x E: 2609272 x | Essentials of Microeconor x | 1707606 x a Content x 3 0.375/1.4 - Google Searc x | + 0 are 9 Co a blackboard.middlesex.massedu/ultra/courses/_108080_1/cl/out|ine or a. 9 3 V [E Remaining Time: 38 minutes. 07 seconds. 0625:2213? a Question Completion status: 13 23 33 43 53 63 73 83 93 103 113 123 133 143 153 163 173 183 193 20 21 22 23 24 25 26 27 28 293 303 313 323 Problem to Solve : Assume that you need to determine if your rm should raise it's price. Use the formula fo r Elasticity of Demand using the Midpoint (average) to solve this problem. Observe the information in Table 1 and the illustration in Graph 1 below. Consider a movement from X to Y in the Graph 1. Determine the % change for Price and Quantity and use those changes to determine the Elasticity of Demand. What is the % change for Price ? What is the % change for Quantity Demand ? What is the Elasticity of Demand (E9) = ? Use the worksheet to solve this problem then select your answer from one the four choice below. Click Save and Submit to save and submit. Click SaveAllAnswers to save all answers. Save All Answers + 107% a mag 'aoai oomra one In Chrome File Edit View History Bookmarks Profiles Tab Window Help GET 84% [ Sun 10:40 AM QE Content X Bb 2609272 X Bb Essentials of Microeconor X Bb 1707606 X Content X G 0.375/1.4 - Google Search X + hare c blackboard.middlesex.mass.edu/ultra/courses/_108080_1/cl/outline S Remaining Time: 38 minutes, 03 seconds. Create and Sh Adobe PDF Question Completion Status: 109 209 30 49 509 609 70 809 909 109 119 129 139 1409 1509 169 1709 189 1909 20 21 22 23 24 25 26 27 28 2909 309 310 320 QZ QUANTITY (In Thousands) Graph 1 = $14.00 21 P3 = 10.00 22 = 6.0 Q3 P1 = 5.00 Q4 Table O The % change for Price = .35% The % change for Quantity = .46% The Elasticity of Demand (ED) = 1.31 O The % change for Price = .43% The % change for Quantity = .5% The Elasticity of Demand (ED) = 1.16 O The % change for Price = .33 The % change for Quantity = .5 The Elasticity of Demand (ED) = 1.51 O The % change for Price = .61% The % change for Quantity = .33% The Elasticity of Demand (ED) = .54 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit + 107 NOV 9 ... 7 "tv 4