Word Count : 480

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Nice — we’ll do this manually step-by-step. ### 1) What is price elasticity? Price elasticity of demand measures how much quantity demanded (Q) responds to a small change in price (P). Numerically: $$ E_p=\frac{\%\ \text{change in }Q}{\%\ \text{change in }P} $$ ### 2) Point price elasticity (formula) The point price elasticity at a given price $P$ and quantity $Q$ uses the derivative of the demand function: $$ E_p=\frac{dQ}{dP}\cdot\frac{P}{Q}. $$ So you need the slope $dQ/dP$ of the demand function and the specific $P,Q$ pair. --- ### 3) Find the demand function from the data (manual) From ___ _________ _____ ___ ____ ________ _______ ________.
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