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suppose the price of widgets falls from $7 to $5 and consumption of widgets rise from 15 widgets a month to 25 widgets. find out your price elasticity of demand of widgets. what can you say about your price elasticity of demand of widgets? is it elastic, inelastic, and unitary elastic? why? use the midpoint formula and please show your work.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939054

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