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Chapter 4 Q2: Graph the accompanying demand data, and then use the price-elasticity formula (midpoints approach) for Ed to determine price elasticity of demand for

Chapter 4

Q2: Graph the accompanying demand data, and then use the price-elasticity formula (midpoints approach) for Ed to determine price elasticity of demand for each of the four possible $1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity?

Product Price Quantity Demanded

$5 1

4 2

3 3

2 4

1 5

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