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Suppose that over the past year the price of laptop computers has fallen from $2,000 to $1,800. Over the same time period, sales to consumers
Suppose that over the past year the price of laptop computers has fallen from $2,000 to $1,800. Over the same time period, sales to consumers have increased from 700,000 to 800,000 units. One way to calculate the elasticity of demand from these two points is use the midpoint method. In words, here is what you do
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