Use the following to answer questions:
Table: Price Elasticity 
-(Table: Price Elasticity) Look at the table Price Elasticity. What is the price elasticity of demand (using the midpoint formula) between $2.50 and $2.25?
Definitions:
Marginal Social Cost
The total cost to society of producing one additional unit of a good or service, considering both the costs borne by the producer and any costs or benefits to third parties (externalities).
Public Good
A product or assistance made available to all societal members without financial gain, provided by either state bodies or voluntary private groups or individuals.
Nonrival
A characteristic of a good whereby one person's consumption does not reduce its availability to others.
Nonexcludable
A characteristic of a good or service that prevents the owner or provider from excluding individuals from using it once it has been provided.
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