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Answer all the following numerical questions: (each part carries 5 pts, unless otherwise mentioned; show your work) Problem 1: Assume demand for good X is

Answer all the following numerical questions: (each part carries 5 pts, unless otherwise mentioned; show your work) Problem 1: Assume demand for good X is given by the equation: P = 50 - Q. a. Find out the Arc elasticity of demand for a price change from $10 to $15. Answer: 0.2 b. Find out the point elasticity of demand at price $20. 2 Answer: E or .67

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