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5. (6 pts) When the price of a certain commodity is 33 dollars per unit, customers demand m units of the commodity, where 3:2 +

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5. (6 pts) When the price of a certain commodity is 33 dollars per unit, customers demand m units of the commodity, where 3:2 + 3392: + p2 79 = CI. (a) Calculate the elasticity of demand, that is E(p) = : when the price is $5 and the demand is 3 units. (b) What is the approximate percentage change in 33 if q decreases by 2% when E = 1.25

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