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Answer the next question(s) on the basis of the following demand schedule. Price Quantity Demanded $7 20 $6 30 $5 40 $4 50 $3 60

Answer the next question(s) on the basis of the following demand schedule.

Price Quantity Demanded

$7 20

$6 30

$5 40

$4 50

$3 60

Using the Mid-Point formula, what is the Price Elasticity of Demand in the $7 to $5 range for the above hypothetical good? Show your work

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