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3. consider the following demand schedule for a product calculate price...

# Question: consider the following demand schedule for a product calculate price...

###### Question details

Consider the following demand schedule for a product. Calculate price elasticity of demand when price increases from $5.2 to$6.8. Now calculate the elasticity when price decreases from $6.8 to$5.2. Why are the numbers different?

Now calculate price elasticity using the midpoint formula for all prices ($3.65 to$13.2) using adjacent price pairs (and their corresponding quantities).