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1)If the price of a magazine increases from $5 to $7 and the quantity demanded of the magazines decreases from 10 million per month to

1)If the price of a magazine increases from $5 to $7 and the quantity demanded of the magazines decreases from 10 million per month to 8 million per month, using the midpoint method, what is the price elasticity of demand? Show your work. Is the demand elastic, inelastic, or unit elastic?

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