00:02
In the given question, we have to find the elasticity demand between the point b and point c.
00:17
So we have the given points are points a, b, c, d and e.
00:27
Then we have the given price are for the point a, we have dollar 10.
00:33
For point b, we have dollar 13, for 3 it is 16, 4d it is 19, and 4d it is 22.
00:44
We can see that here is a difference between 3 points between which.
00:49
Now we have given the quantities which are 500, then 480, 460, 440, 440, 440, 440 and 440 and 420 so note that the price of elasticity of demand is given by percent of change in quantity over percent of change in price.
01:38
So first we will count the percentage of change in quantity...