4. Elastic, inelastic, and unit-elastic demand.
The following graph shows the demand for a good.
Price; Quantity
W: 140 & 6
X: 90 & 21
Y: 70 & 27
Z: 20 & 42
For each of the regions, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic.
Region
Elastic
Inelastic
Unit Elastic
Between X and Y
Between Y and Z
Between W and X
True or false: The value of the price elasticity of demand is not equal to the slope of the demand curve.
4. Elastic, inelastic, and unit-elastic demand.
The following graph shows the demand for a good.
Price; Quantity
W: 140 & 6
X: 90 & 21
Y: 70 & 27
Z: 20 & 42
For each of the regions, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic.
|
Region |
Elastic |
Inelastic |
Unit Elastic |
|
|---|---|---|---|---|
| Between X and Y | ||||
| Between Y and Z | ||||
| Between W and X |
True or false: The value of the price elasticity of demand is not equal to the slope of the demand curve.
Related textbook solutions
Related questions
Elastic, inelastic, and unit-elastic demand. The following graph shows the demand for a good.
For each of the regions, use the midpoint method to identify whether the demand for the good is elastic, approximately unit elastic, or inelastic.
| Region | Elastic | Inelastic | Unit Elastic |
| Between Y and Z |
|
||
| Between X and Y |
|
||
| Between W and X |
|
True or false. The value of the price elasticity of demand is equal to the slope of the demand curve.
The following graph shows the demand for a good. 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.
| Region | Elastic | Inelastic | Unit elastic |
| Between W and X | |||
| Between X and Y | |||
| Between Y and Z |
True or False: The value of the price elasticity of demand is not equal to the slope of the demand curve.
The following graph shows the demand for a good.
For each of the regions, use the mid-point method to identify whether the demand for the good is elastic, unit elastic, or inelastic.
| Regions | Elastic | Unit Elastic | Inelastic |
| Between X and Y | |||
| Between Y and Z | |||
| Between W and X |
State true or false: The value of the price elasticity of demand is not equal to the slope of the demand curve.
