HW Score: 49.06%, 19.63 of 40 points 0 Points: 0 of 6 I Homework: Chapter 6 Question 8, EOC 6.3.4 > The following table shows the market demand and competitive fringe supply for a market with a dominant rm. Question list l . . _. _ An equation for the price elastICIty of demand Is: ' P s= bx 7 , O 0 Question 6 where b is the change in the quantity demanded from a $1 change in price. (For any two points on the demand curve, bis equal to the change in quantity demanded divided by the change in price.) Use this formula to calcu ate the price elasticity of demand at the three different prices on the market demand curve and on the residual demand curve. uestion 7 0 Q (Round your answers in the table to two decimal places.) Price (dollars Market demand Price elasticity of Competitive Residual Price elasticity of 0 Question 8 per unit) (units) demand for fringe supply demand (units) demand for market demand (units) residual demand 50 70 50 20 0 Question 9 45 50 40 40 40 90 20 70 0 Question 10 Etext pages Grapher Clear all