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Question - The table and graph below show the weekly demand for machine screws at the local hardware store.
Demand for Machine Screws
Price (dollars per pack of 100 screws)
Quantity (packs of 100 screws)
$5.00
0
4.50
60
4.00
120
3.50
180
3.00
240
2.50
300
2.00
360
1.50
420
1.00
480
0.50
540
0.00
600
a. Using the midpoint method, what is the price elasticity of demand from a price of $5.00 to a price of $4.00 per pack of 100 screws?
b. Using the midpoint method, what is the price elasticity of demand from a price of $3.00 to a price of $2.00 per pack of 100 screws?
c. Using the midpoint method, what is the price elasticity of demand from a price of $1.50 to a price of $0.50 per pack of 100 screws?
d. At which price is demand the most elastic?
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