5. Using the numbers provided in Exhibit l, calculate the arc price elasticity of demand for Manny's

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5. Using the numbers provided in Exhibit l, calculate the arc price elasticity of demand for Manny's hamburgers as the price declines from $0.60 to $0. 55. Do the same for the decline in price from $0. 5 5 to $0.50. Is the demand for Manny's hamburgers elastic or inelastic in these price ranges? How do you know?

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