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2. Consider the following price-quantity pairs from the demand curve: Observation Price Quantity 1 3 24 2 9 12 Calculate: Point Elasticity (5pts) Arc

2. Consider the following price-quantity pairs from the demand curve: Observation Price Quantity 1 3 24 2 9 12 Calculate: Point Elasticity (5pts) Arc Elasticity (5pts) Please specify the formula you are using before plugging in actual values.

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