Price1Price2Quantity 1Quantity2 demand for a.cashews7.50dollar per pound6.00 dollar per pound800 pounds per month1,000 pounds per month 65 per year b.portable hard drive(1 terabyte)80 dollar120 dollar75 per year65 per year c.12-gauge copper wire0.60 per lineal foot0.45 per lineal foot2,5000 lineal feet per week5,000 lineal feet per week d.Toothpaste2.00 dollar per tube2.40 dollar per tube10 tubes per moth9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.

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Using the midpoint formula, calculate elasticity for each of the following changes in demand.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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Question

	Price1	Price2	Quantity 1	Quantity2
demand for
a.cashews	7.50dollar per pound	6.00 dollar per pound	800 pounds per month	1,000 pounds per month 65 per year
b.portable hard drive (1 terabyte)	80 dollar	120 dollar	75 per year	65 per year
c.12-gauge copper wire	0.60 per lineal foot	0.45 per lineal foot	2,5000 lineal feet per week	5,000 lineal feet per week
d.Toothpaste	2.00 dollar per tube	2.40 dollar per tube	10 tubes per moth	9 tubes per month

Using the midpoint formula, calculate elasticity for each of the following changes in demand.

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