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Suppose that as the price of Y falls from $10 to $7, the quantity of Y demanded increases from 600 to 800. Then the absolute

Suppose that as the price of Y falls from $10 to $7, the quantity of Y demanded increases from 600 to 800. Then the absolute value of the price elasticity (using the midpoint formula) is approximately

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1.24.

0.81.

1.

66.7.

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