The following table contains information regarding price and output for a firm. For each point except the first, calculate the elasticity between it and the point above.
Price
Quantity
Elasticity
$7
10
_____
6
20
_____
5
30
_____
4
40
_____
3
50
_____
2
60
_____
1
70
_____
What will be an ideal response?
| Price | Quantity | Elasticity |
| $7 | 10 | (None) |
| 6 | 20 | 4.33 |
| 5 | 30 | 2.2 |
| 4 | 40 | 1.286 |
| 3 | 50 | 0.7778 |
| 2 | 60 | 0.4545 |
| 1 | 70 | 0.231 |
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