(solution) Investigate how demand elastiticities are affected by increases in demand. Shift each of the…

(solution) Investigate how demand elastiticities are affected by increases in demand. Shift each of the…

Investigate how demand elastiticities are affected by increases in demand. Shift each of the demand curves in Figures a, b, and c to the right by 10 units. For example, pointa in Figure a would shift rightward from location (10 units, $2) to (20 units, $2), while pointbwould shift rightward from location (40 units, $1) to (50 units, $1). After making these shifts, apply the midpoint formula to calculate the demand elasticities for the shifted points.