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1. Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: Price (Dollars) Demand (millions) Supply (millions) 70 20 10 80 18 13 90 16 16 100 14 19 3) Calculate the price elasticity of demand when the price is $80 and when the price is $90. b) Calculate the price elasticity of supply when the price is $80 and when the price is $90