Use Midpoint Method. Give Examples and Why.

In this assignment, you are given information about prices, quantity demanded, and quantity supplied prevailing in the markets for two goods. See tables below. Fill out the tables by calculating the price elasticity of demand and of supply (use the mid-point formula). Report elasticities with 2 decimals. Then, submit about 1-page of typed text (text requirements: Times New Roman format, 1.5 space, 12 ppt font size) in which you critically analyze the sign and the magnitude of the calculated elasticities and give examples of goods whose elasticities might be as those calculated. Justify why you considered those examples. In your submitted assignment, please place on the first page the critical thinking analysis (the text) then on the second page the tables (with the original price and quantity data and your calculated elasticities). Demand and Supply Schedule for Good X: Unit price of x Quantity Quantity Price elasticity Price elasticity demanded of x supplied of x of demand of x of supply of x (2 decimals) (2 decimals) $100 0 5 n/a $95 2 4.5 $90 4 4 $85 6 3.5 $80 8 3 $75 10 2.5 $70 12 2 $65 14 1.5 $60 16 $55 18 0.5