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Consider the following demand schedule: Price Quantity $12 ……………….. 5 $10 ……………….. 10 $5 …………………. 20 $3 …………………. 30 a. Use the midpoint formula to calculate the elasticity of demand when price rises from i. $3 to $5 ii. $5 to $10 iii. $10 to $12 b. When price rises from $3 to $5, does expenditure rise, fall, or remain constant? What about when price rises from $5 to $10? When price rises from $10 to $12? c. Why should you have anticipated your answers to (b) once you had answered part (a)?
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