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Given the demand function Q = 24 - 1.5P
1. Calculate the point price elasticity at a price of $14 EP = (ΔQ/ΔP) *(P/Q) = (-1.5) *(14/3) = (-1.5) *(4.667) = -7.001
2. Calculate the point price elasticity at a price of $8 EP = (Δ Q/ Δ P) *(P/Q) = (-1.5) *(8/12) = (-1.5) *(.667) = -1
3. Calculate the point price elasticity at a price of $5 EP = (Δ Q/ Δ P) *(P/Q) = (-1.5) *(5/16.5) = (-1.5) *(.303) = -.455
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