Answer to Question #73205 in Microeconomics for welday

Question

given the following information complete the table. use the mid point formula to calculate elasticity .

price quantity demand ED characteristics TR

11 10
10 20
9 30
8 40
7 50
6 60
5 70
4 80

Answer 1

Price quantity TR midpoint elasticity
11 10 110
10 20 200 -7
9 30 270 -3.8
8 40 320 -2.4
7 50 350 -1.7
6 60 360 -1.2
5 70 350 -0.85
4 80 320 -0.6