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Calculating elasticity: Draw a set of coordinate axes on a piece of graph paper. Label horizontal axixs from 0-50 units and vertical axis from $0- $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units. Draw a supply curve that intersects the vertical axis at $4 and has a slope of 1. Make the following calculations for these curves, using the midpoint formula: A. What is the price elasticity of demand over the price range $5 to $7? B. What is the price elasticity of demand over the price range $1 to $3? C. What is the price elasticity of demand over the price range $10 to $15? D. What is the price elasticity of demand over the price range $15 to $17?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92000233

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