Question - The figure below represents the weekly demand for GPS units.
Instructions: Round your answers to 2 decimal places.
a. When going from a price of $160 per unit to a price of $140 per unit, what is the price elasticity of demand of GPS units?
b. When going from a price of $140 per unit to a price of $160 per unit, what is the price elasticity of demand of GPS units?
c. Using the midpoint formula, what is the midpoint price elasticity of demand of GPS units between a price of $140 per unit and a price of $160 per unit?
d. When going from a price of $40 per unit to a price of $20 per unit, what is the price elasticity of demand of GPS units?
e. When going from a price of $20 per unit to a price of $40 per unit, what is the price elasticity of demand of GPS units?
f. Using the midpoint formula, what is the midpoint price elasticity of demand of GPS units between a price of $20 per unit and a price of $40 per unit?