Economics homework help

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Use the following demand schedule to answer the question parts below.

Point

Price

Quantity Demanded

Quantity Supplied

A

$10

150

975

B

$9

200

800

C

$8

230

650

D

$7

260

500

E

$6

275

410

F

$5

300

300

G

$4

320

200

H

$3

350

150

I

$2

400

120

J

$1

500

100

  1. Calculate the arc elasticity of demand between each point and its neighbor (that is, from A to B, B to C, etc.) and determine whether each value is price elastic, price inelastic, or unit elastic
  2. Calculate the arc elasticity of supply between each point and its neighbor (that is, from A to B, B to C, etc.) and determine whether each value is price elastic, price inelastic, or unit elastic
  3. Calculate the arc elasticity of demand between A and F, A and D, and A and B and determine whether each value is price elastic, price inelastic, or unit elastic
  4. Calculate the arc elasticity of supply between A and F, A and D, and A and B and determine whether each value is price elastic, price inelastic, or unit elastic