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12 A B 10 C Price (dollars) 7 D E 3 Demand 0 200 400 1,000 1,400 1,800 2,400 Quantity (a) What is the price

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12 A B 10 C Price (dollars) 7 D E 3 Demand 0 200 400 1,000 1,400 1,800 2,400 Quantity (a) What is the price elasticity of demand at point B? Please show your calculations. (b) What is the arc elasticity of demand between point B and point C? Please show your calculations. 1 Price Price elasticity at a point is slope Quantity Q2 - Q1 ( Q2 + Q1) /2, Arc Price elasticity = P2 - P1 (P2 + P1)/2

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