Unit #2 - Price Elasticity i Saved Help Save & Exit Submit Check my work a. The data below represents a demand schedule. Product Price ($) Quantity Demanded eBook 6 5 4 M A W N P 2 In the diagram below, draw a demand curve. Use the line tool to graphically show Demand. This line should only contain the two endpoints. Demand Schedule Product Price co Tools 7 namand Mc Graw 1 of 5 Hill EducationUnit #2 Price Elasticity 0 Saved Help Save a Exit Submit 1 Use the midpoint formula for Ea to determine price elasticity of demand for each of the four possible $1 price changes. ' Instructions: Input the your answers as positive values (absolute values}. Round your answers to two decimal places. Moving from $5 to $4: Ecl = eBook Moving from $4to $3: Ed = Moving from $3 to $2: Ed = Moving from $2 to $1: Ed : 33 b. What can you conclude about the relationship between the slope of the above demand curve and its elasticity? The demand curve above has a constant slope of -1 v , but elasticity decreases v as we move clown the curve. c. Explain in a nontechnical way why demand is elastic in the upper left segment ofthe demand curve and inelastic in the lower right segment. Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the be): for the wrona answers. Bret 1 of 5 555 Next >