The data below represent a demand schedule.QuantityDemandedProduct Price\$6C543341506a. In the diagram below, draw a demand curveInstructions: Use the tool provided Demand to graphically show demand. This line should only contain the twoendpointsDemand ScheduleToolsDemand57Quantity demandedb. Use the midpoint formula for Eqto determine price elasticity of demand for each of the four possible \$1 pricechangesInstructions: Round your answers to 2 decimal places. Enter your answers as positive values (absolute valuesMoving from \$5 to\$4, EdMoving from \$4 toS3, EdMoving from \$3 toS2, EdMoving from \$2 to\$1, Edc. What can you conclude about the relationship between the slope of the demand curve above and its elasticity?The demand curve has a constant slope of-1and elasticity decreasesas we movedown the curve.eaud onpod

Question

i just want part B done, not the rest of it.

Step 1

The mid-point formula for Price elasticity of demand:

Step 2

Moving from P1=\$5 to P2=\$4, Q1=1 and Q2=2

Ignoring the negative sign, when (ep) >1, its an elastic demand.

Step 3

Moving from P1=\$4 to P2=\$3, Q1=2 and Q2=3

Ignoring the negative si...

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