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During a specific period of time, the average price of long-distance calls fell from $0.25 per minute to $0.15. As a result of the drop in price, average long-distance calling per person per month increased from 300 minutes to 400 minutes.Using the midpoint method, calculate (show your work) the price elasticity of demand for long-distance call.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91229199

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