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Computation of the elasticity of demand

I am having a hard time understanding how to solve the following two quantitative problems. I am supposed to be able to solve for this problem given any set of values. Please feel free to make those up. I am just hoping to understand how to solve this problem if and when it comes up.

See attachment.

Thanks in advance.

1. Own Price elasticity or cross-price elasticity. Given a table of the price(s) and quantities before the price rises, how do you compute the POINT (or ARC) elasticity of demand of a good as its price rises.


Solve this problem for each one of these forms:
-Own-Price elasticity by point method
-Own-Price elasticity by arc method
-Cross-Price elasticity by point method
-Cross-Price elasticity by arc method

For own-price elasticity, state whether the demand for this good is elastic or inelastic.

For cross-price elasticity, state whether the goods are substitutes or complements.

2. A table like the one below is given, plus a wage and a cost of capital. The problem is to fill in the BLANKS. Put formulas in the cells above the variable names. Do not enter formulas in cells with "///" in them.

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Solution Summary

Given a table of prices and quantities, the point and arc elasticities of demand are calculated.