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Question 1 Elasticity calculations. Use the Arc Price Elasticity equation. Use the information below to answer the questions. Year Price of Jolt Price of Coke

Question 1

Elasticity calculations. Use the Arc Price Elasticity equation. Use the information below to answer the questions.
Year Price of Jolt Price of Coke Quantity of Jolt Sold Average Income of Jolt Buyer 2000 2001 2002 2003 $1 .00/can $1 .00/can $1 .00/can $1 .40/can $1 .00/can $1 .40/can $1 .40/can $1 .40/can $40,000 $40,000 $60,000 $60,000 3,000 cases 5,000 cases 3,000 cases 1,000 cases

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