For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic (approximately) unit elastic, or inelastic.

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Question

For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic (approximately) unit elastic, or inelastic.

The following graph shows the demand for a good.

True or False: The value of the price elasticity of demand is equal to the slope of the demand curve.

True
False

business economics

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Answer 1

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Answer #1

a )Between W and X the demand curve is price elastic.

Between X and Y it is unit elastic.

Between Y and Z the curve Is inelastic.

b) False, the slope of the demand curve is not equal to the price elasticity as the elasticity is falling as we move down the slope.

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Answer 2

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For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic (approximately) unit elastic, or inelastic.

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