Figure: The Demand Curve 
(Figure: The Demand Curve) Look at the figure The Demand Curve.Using the midpoint method, the price elasticity of demand between $8 and $9 is approximately:
Definitions:
Price of Capital
The cost incurred to use capital goods for production, often determined by interest rates and market demand.
Total Expenditures
The total amount of money spent by a firm or an individual on goods and services.
Price of Labor
The wage rate or compensation paid to employees for their work or services, determined by supply and demand in the labor market.
Isocost Line
A line that represents all combinations of inputs which cost the same total amount.
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