After completing this worksheet, students will be able to:
1. Calculate percent change using the midpoint method and use the percent change in price and quantity demanded to calculate the measure of the price elasticity of demand along a demand curve.
2. Discriminate between products characterized by elastic vs. inelastic demand.
3. Identify the relative elasticity of a demand curve based upon its relative steepness.
4. Calculate the total revenue earned by a firm.
5. Predict how a change in the price of a good or service will affect the amount of total revenue earned from it based upon its relative elasticity.