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

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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).   

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) Quantity Demanded Price (dollars per box) 3.65 5.20 6.80 8.40 10.00 11.60 13.20 500 450 400 350 300 250 200

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