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Suppose the price of a textbook drops from $150 to $100 and the quantity demanded increases from 10,000 to 20,000. Fill in the blanks to
Suppose the price of a textbook drops from $150 to $100 and the quantity demanded increases from 10,000 to 20,000. Fill in the blanks to answer the questions that follow. A. What is the elasticity of demand using midpoint formula? (Round to two decimal points) B. What kind of elasticity is this? (enter "elastic" or "inelastic" with no capitals or quotes)
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