Question

For each of the regions, use the midpoint method to identify whether the spider that’s good is elastic or inelastic.

Between V and W
Between X and Y

True or false : as firms reach near maximum capacity at high levels of quantity supplied, supply becomes less elastic, because firms may need to invest in additional capital in order to further increase production.

Answer 1

1. The midpoint method of calculating price elasticity is given as: Q∗=Q2−Q1Q2+Q12×100Q∗=Q2−Q1Q2+Q12×100 P∗=P2−P1P2+P12×100P∗=P2−P1P2+P12× ...

Step-by-step explanation: