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QUESTION
10 units of a good are sold when the price is $2 per unit, and 14 units are sold at a price of $1 per unit.
10 units of a good are sold when the price is $2 per unit, and 14 units are sold at a price of $1 per unit. Calculate the price elasticity of demand for this good over this price range using the midpoint formula. Show your work. Does your answer suggest the demand is elastic or inelastic?
