Given the demand table below, use the simple arc and the midpoint formula in plving for Ep as one moves from pt. A to B and pt. B to A. Compare your answers writh the midpoint formula. QD pt. A P4 pt. B P3 8. Suppose that the demand curve for ball pens has the following two points: Qd P10 50 P15 40 a) What is the price elasticity coefficient of ball pens? Is the demand elastic or inelastic? (use averaging method) Price elasticity of demand = (Qd2 - Qd1)/average %3D Qd (P2 - P1)/average P b) What will happen, in percentage terms, to the number of ball demanded if the price decreases by 15%? pens Price elasticity of demand = %o change in Qd/% change in P

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