Name: Student ID: Row: Seat Here is a fictitious demand curve for haircuts to answer the following questions. Your Demand function is Qd = 20 – 2P P = 10 – Qd /2 or ( ps.) The table below is a partial...

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Extracted text: Name: Student ID: Row: Seat Here is a fictitious demand curve for haircuts to answer the following questions. Your Demand function is Qd = 20 – 2P P = 10 – Qd /2 or ( ps.) The table below is a partial demand schedule with corresponding midpoints of the prices of quantities listed. Use the midpoint method to calculate the Price Elasticities of Demand for three points on the demand curve: One high price (a), one mid-range price (b), and one low price (c). We calculated the midpoints for you for each interval. If that is confusing, you can ignore these. Show your work in the space below. Reduce your answers to the lowest fractional form. Answers without work will receive no credit. Quantity Demanded Midpoints Elasticity Work and Answers Price a, b and c $10.00 (a) P = $9.50, Q =1 E3= $9.00 $6.00 8 (b) P = $5.00, Q = 10 Ep= $4.00 12 $2.00 16 P = $1, Q = 18 E= $0 20


Extracted text: Label your axes, P and Q. For full credit, P and Q need to be on the correct axes. Note the values of the P and Q intercepts. Note the values of your Price Elasticities of Demand for your three points (a, b, c) on the demand curve.