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Answered Same DayDec 20, 2021

Solution

Robert answered on Dec 20 2021
3 Votes
Price Quantity demanded (income
$10,000)
Quantity
demanded(income=$12000)
8 40 50
10 32 45
12 24 30
14 16 20
16 8 12
a) Midpoint method to calculate price elasticity of demand when price falls from $8 to $10.
Income= $10000
Elasticity = [(32-40)/0.5 (32+40)] * [0.5(8+10)/...
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