Use the Following Data for a Demand Curve (A) Use the Majpant Farmula to Calculate the Elasticity Betwen

question 154

Essay

Use the following data for a demand curve. $$\begin{array} { | c | c | } \hline \text { Price } & \text { Quantity } \\\hline 15 & 10 \\\hline 14 & 20 \\\hline 13 & 30 \\\hline 12 & 40 \\\hline 11 & 50 \\\hline 10 & 60 \\\hline 9 & 70 \\\hline 8 & 80 \\\hline 7 & 90 \\\hline\end{array}$$ (A) Use the majpant farmula to calculate the elasticity betwen aprice of \$14 and 15
(B) Use the michaint farmula to calculate the elasticity between 17 and $\$ 8$
(C) Because this is a linear demend curve, why does the elasticity change?
(D) At what paint is price x qyuantity maxinized? What is the elasticity at that paint?

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Definitions:

Premium Tax Credit

A refundable credit that helps eligible individuals and families with low to moderate income afford health insurance purchased through the Health Insurance Marketplace.

SLCSP Premium

Stands for the Second Lowest Cost Silver Plan, which is a reference point used to calculate health insurance premium tax credits under the Affordable Care Act.

Household Income

The combined gross income of all members of a household, typically measured to understand the economic status or to qualify for various programs or loans.

Child and Dependent

Refers to individuals for whom a taxpayer can claim a dependency exemption.