Using the data found in Question 1, calculate the elasticity of demand and elasticity of supply at each price change in the market for gold picture frames using the midpoint formula for both supply and demand. Because you are calculating the change between two levels, you will have 7 calculations for the 8 prices. (2 marks - 1 mark each for correct demand and correct supply elasticities)

Price Quantity Elasticity of Quantity Elasticity of Demanded Demand Supplied Supply $45 1,800,00 645,000 $60 1,575,000 740,000 $95 1,330,000 865,000 $100 1,300,000 910,000 $125 1,395,000 1,395,000 $160 1,085,000 1,750,000 $185 900,000 1,925,000 $210 745,000 2,100,000