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

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