Consider a market for toilet paper. Toilet paper currently costs $1 per roll and the quantity demanded is 19. The price increases to $3 and the quantity demanded decreases to 17. Calculate the price elasticity of demand over this region. Group of answer choices

In the demand curve, there is a mid-point. Determine the value of: i. Elasticity of demand in the mid-point ii. Elasticity of demand above the mid-point iii. Elasticity of demand below the mid-point

Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic  and the annual supply curve is likely Flatter or Steeper  to be than the daily supply curve.

Explain the concept of price elasticity of demand.