Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand and what does it mean for how demand will change based on a change in price within this price range?

0.18

Step-by-step explanation:

Given that:

P₁ = $10, P₂ = $20

From the tables Q₁ = 900, Q₂ = 800

Using midpoint method:

Percentage change in quantity =

Percentage change in price =

Price of elastic demand = Percentage change in quantity/ Percentage change in price = -11.76% / 66.67% = 0.18

The Price of elastic demand is positive because we took the absolute value and elasticity are always positive

Therefore since Price of elastic demand < 1, the demand is inelastic in this interval.

This means that, along the demand curve between $10 to $20, if the price changes by 1%, the quantity demanded will change by 0.18%. A change in the price will result in a smaller percentage change in the quantity demanded. For example, a 10% increase in the price will result in only a 1.8% decrease in quantity demanded and a 10% decrease in the price will result in only a 1.8% increase in the quantity demanded

solution:

we have to construct

∠m nt ≅ ∠p qr

the steps to draw this construction are

step 1: use a compass to draw an arc from point q which intersects the side pq at point a and the side qr at point b.

step 2: draw a segment nt and use the same width of the compass to draw an arc from point n which intersects the segment nt at a point x.

step 3:

step 4: join points n and y using a straightedge.

step 3:

option (d).maintaining the same width of the compass as ab, draw an arc from point x such that it intersects the arc drawn from n in a point y.

to draw   congruent angles , 1. width of compasses while drawing two angles should be same i.e from point at which angle has to be drawn, 2.the distance between the two points where the compass intersects the two sides should be same while drawing any two congruent angles.