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Question (Category: Economics Microeconomics )
How to calculate price elasticity of demand, PED (midpoint method) The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group Price (P)...Quantity (Q) 50........... 100 35.......... 180 20............300 10............500 a. (2 pts.) What is demand elasticity in the $35  $50 price range? Is demand elastic, inelastic, or of unitary elasticity? Calculate the value and show all of your work . Be sure to use the midpoint equation to determine elasticity. b. (4 pts.) Assume demand elasticity is 1.0 in the $20  $35 price range. In this range of demand, by what percentage would quantity demanded change if price decreases by 5 percent? Show your detailed calculations c. (4 pts.) What is the effect of a price increase from $10 to $20 on total revenue for the event? Does total revenue (TR) increase, decrease, or remain the same? By how much? Show your detailed calculations. Answer by Gopal C. (Downloaded 22 times and rated )
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