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