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On most days the price of a widget is $1 and 80 widgets are bought. On Widget Appreciation Day, the demand increases so that the

On most days the price of a widget is $1 and 80 widgets are bought. On Widget Appreciation Day, the demand increases so that the price of a widget doubles and 320 widgets are purchased. Therefore the price elasticity of

supply of widgets is about 1.8

supply of widgets is about 0.55.

demand for widgets is about 1.8.

demand for widgets is about 0.55.

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