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Question 16 (7 points) Suppose that the demand and supply functions for a good are given as follows: Demand: - 1080 , 7P Supply:

Question 16 (7 points) Suppose that the demand and supply functions for a good are given as follows: Demand: " - 1080 , 7P Supply: 0 - -120 +3P What is the price elasticity of demand at the equilibrium when there is no tax? 1.5 3.5 07 03

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