Question 11 0.5 pts Suppose that 500 candy bars are demanded at a particular price. If the price of candy bars rises from that price by 10 percent, the number of candy bars demanded falls to 480. Using the midpoint approach to calculate the price elasticity of demand, it follows that the 0 price increase will decrease the total revenue of candy bar sellers. 0 price elasticity of demand for candy bars in this price range is about 0.41. 0 price elasticity of demand for candy bars in this price range is about 0.24. O demand for candy bars in this price range is unit elastic. Question 12 0.5 pts Figure 6-1 In Figure 6-1, 0 D1 is more elastic than D2 below P2 and less elastic above P2. 0 D2 is more elastic than D2 above P2 but less elastic below P2. 0 D2 is less elastic than D1 at all prices. Q D1 is less elastic than D2 at all prices. Question 13 0.5 pts 12 10 D 2 3 7 8 Q In Figure 6-2, the price elasticity of demand (dropping all minus signs) is ____ between P = 4 and P = 6 than between P = 10 and P = 12 because between the lower set of prices the percentage change in price is smaller; greater greater; greater greater; smaller smaller; smallerQuestion 14 0.5 pts Price Price $15 6 3 Quantity Demanded 0 12 16 (a) Quantity Demanded (b) In Figure 6-3(a), at any price above $6, quantity demanded O is equal to the elasticity of demand. becomes infinitely large. O is equal to price. falls to zero