Referring to Figure 2.15, use the mid-point formula to calculate the price elasticity of demand between (a) P = 6 and P = 4; (b) P = 4 and P = 2. What
Referring to Figure 2.15, use the mid-point formula to calculate the price elasticity of demand between (a) P = 6 and P = 4; (b) P = 4 and P = 2. What do you conclude about the elasticity of a straight-line demand curve as you move down it?