Lord Probl SNX 7 Crow Forge P Pears E Chap P ECO P ECO E Untiti & Micro W answ | Mail G Finall M Your Home + V X G @ File | C:/Users/Komal/Downloads/ECO101_ProblemSet_1.pdf OK . .. it Apps Home - Mindomo S Money-and-Youth-... Money & Youth Notes on Inclined P. G Quote Analysis-Th... ] How to Add, Duplic... MLA Headings and... G star method - Goog... Microsoft Word - ECO101_ProblemSet_1.docx 3 / 3 86% + 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. [2 points] 2 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. [2 points] 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? [2 points] 14. Explain how it can be possible that the slope of the demand curve may be