Question

Price Per Unit	Quantity Demanded Per Week
$10.00	25
9.50	30
9.00	35
8.50	40
8.00	45
7.50	50
7.00	55
6.50	60
6.00	65
5.50	70
5.00	75

Refer to the above table. Demand is least price elastic at a price of

Refer to the above table. Demand is unit elastic between the prices of

Answer 1

Elasticity can be known using total revenue.

total revenue = Q x P

P	Q	TR
10	25	250
9.5	30	285
9	35	315
8.5	40	340
8	45	360
7.5	50	375
7	55	385
6.5	60	390
6	65	390
5.5	70	385
5	75	375

demand would be price inelastic when increase in price leads to increase in revenue. (% change in quantity is less than % change in price)

Demand is least price elastic at a price of $ 5

Demand is unit elastic between the prices of $ 6 and $ 6.5 (there is no change in revenue as prices are increased , % change in quantity is equal to % change in price)