The expression for own-price elasticity of good x is: SAP AP If a firm's demand curve is linear as shown below, own-price elasticity will vary depending on how much the firm is currently selling. If sales are low, demand will be more elastic while if sales are higher, elasticity will be more inelastic. Price Elastic Unitary 40 H clastic 35 G 30 + Inelastic 25 E 20 Demand D 15 C 10 LA Quantity 10 20 30 40 50 60 70 80 At point H on the above demand curve P-35 and Q-10. At point G on the demand curve P-30 and Q-20. To calculate the own price elasticity when moving from point H to point G, first calculate percentage change in price and quantity: percentage change in price = (35-30)/35 - .1429 (after rounding) - 14.29% percentage change in quantity - (10-20)/10 - -10/10 - -1 - -100%% elasticity - -100/14.29 - -7.0 (after rounding) Note that percentage changes are normally calculated using the starting price and quantity in the denominator. So, moving from point H to G, use the values at point H in the denominator. Question At point C: P-10 and Q-60 At point B: P-5 and Q-70 Please calculate the own-price elasticity when moving from point C to point B. In your answer please don't forget to include the negative sign