Question

1.

Step 1

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(1)

The mid-point elasticity can be estimated using the following formula:

Step 2

Here, when income = $30, 000 and price rises from $7 to $8 then quantity changes from 12 units to 8 units. That is, assume P1 = $7, Q1 = 12 units, P2 = $8, and Q2 = 8 units. Hence, the mid-point elasticity is

Step 3

(2)

Here, income = $90, 000 and price rises from $7 to $8 then quantity changes from 12 units to 8 units. That...

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