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Used music CDs rise in price from $7 to $8, and total revenue falls from $700 to $640.

• a. Is the demand curve over this range elastic or inelastic? Why?

• b. Using the midpoint formula, what is the value of the elasticity of demand over this range?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941035

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