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Category: Homework
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Experience:  Community College professor, 9 years and still love it
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# Graph the accompanying demand data, and then use the midpoint

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Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible \$1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity? Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.                                                                             &n bsp;                                                                                                                Product Price                  Quantiy demanded 5                         ;                             1              4                                                     2              3                                                     3           2                                                      4             1                                                     5
Submitted: 7 years ago.
Category: Homework
Expert:  Econtutor replied 7 years ago.
Your question is hard to answer becuase the numbers are not coming out legibly in the post. But the answer to your question, once you graph your demand curve is that the elasticity is more elastic when the prices are high and more inelastic when the prices are low. When you find the elasticity, it's very easy to show that this statement is true. I can do this question for you very easily if you want as long as I can get the numbers correct.
Customer: replied 7 years ago.
Product Price.           Quantity Demand
\$5.                                  1
4.                                    2
3.                                    3
2.                                    4
1.                                    5
Expert:  Econtutor replied 7 years ago.

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Econtutor, Professor
Category: Homework
Satisfied Customers: 30
Experience: Community College professor, 9 years and still love it

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