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1. Complete the following tables using the midpoint formula for elasticity and determine for each price the character of elasticity presented (elastic, inelastic or unit

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1. Complete the following tables using the midpoint formula for elasticity and determine for each price the character of elasticity presented (elastic, inelastic or unit elastic). (10 points) Table 1 Price Quantity Total Elasticity Character of demanded Revenue coefficient elasticity 16 15 2 14 13 12 1 1

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