1. Calculate the price elasticity of demand from point B to point C.

Answer = 1.36
2. Classify the elasticity for point B to point C as elastic, inelastic, or unitary.
Answer = Elastic.
3. Provide an explanation for the elasticity for point B to point C.
Answer = It is elastic because 1.36 is more than 1.
4. Calculate the price elasticity of demand from point D to point E.
Answer = 0.26.
5. Classify the elasticity for point D to point E as elastic, inelastic, or unitary.
Answer = Inelastic.
6. Provide an explanation for the elasticity for point D to point E.
Answer = because 0.26 is less than one.
7. Calculate the price elasticity of demand from point G to point H.
Answer = 2.37
8. Classify the elasticity for point G to point H as elastic, inelastic, or unitary.
Answer = Elastic
9. Provide an explanation for the elasticity for point G to point H.
Answer = Because 2.37 is more than 1.
10. Calculate the price elasticity of supply from point K to point L.
Answer = 0.14.
11. Classify the elasticity for point K to point L as elastic, inelastic, or unitary.
Answer = Inelastic.
12. Provide an explanation for the elasticity for point K to point L.
Because the number is less than 1; 0.14, we know that the supply is inelastic in this interval.
13. Calculate the price elasticity of supply from point N to point P.
Answer = 1
14. Classify the elasticity for point N to point P as elastic, inelastic, or unitary.
Unitary
15. Provide an explanation for the elasticity for point N to point P.
Because the number is equal to 1 the supply is unitary to this interval.
16. Calculate the price elasticity of supply from point Q to point R.
Answer = 0.5
17. Classify the elasticity for point Q to point R as elastic, inelastic, or unitary.
Answer = Inelastic
18. Provide an explanation for the elasticity for point Q to point R.
Because the number in less than 1; 0.5, we know that the supply is inelastic in this interval

What I liked best about the Unit 3 Learning Journal is that it allows us to deepen our studies by
allowing us to put the formulas into practice and see how well they work. The fact that we are
putting some formulas to use also helps me understand the subject better. The thing I dislike the
most about this Unit 3 journal is that the work took a long time to complete.
The most intriguing aspect of Microeconomics that I discovered was how much it applies in our
daily lives, even when making decisions that we take for granted. I've developed a strong
interest in the course and am eager to learn more. I've been applying what I've learned in my
personal life, and it's opened my eyes to a lot of things I wasn't previously paying attention to.
Even minor decisions that I used to take for granted are now thoroughly scrutinized. Overall, I
believe this course has had a significant impact on my critical thinking abilities.

Reference:
Greenlaw, S. A. & Shapiro, D. (2018). Principles of microeconomics, 2e. OpenStax Rice
University. Retrieved from https://d3bxy9euw4e147.cloudfront.net/oscms-
prodcms/media/documents/Microeconomics2e-OP.pdf