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Use the figure below to answer the following questions: P 12 11 10 Price (dollars)...

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Finance

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Use the figure below to answer the following questions: P 12 11 10 Price (dollars) 5 3 Demand 3 0 300 600 1,500 2,100 2,700 3,600 a. b. Quantity The elasticity of demand over the price interval $11 to $10 is The elasticity of demand over the price interval $7 to $5 is The elasticity of demand over the price interval $5 to $3 is c. 10 Use the following general linear demand relation: 0-100-5P+0.004M-5PR where p is the price of good X, Mis income, and P, is the price of a related good, R. From the demand function it is apparent that related good Ris a. normal. b. inferior. a substitute for good X d. a complement for good x. C

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