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Suppose the price of local cable TV service increased from$15.00 to$20.00 and as a result the number of cable subscribers decreased from 248,000 to 200,000.

Suppose the price of local cable TV service increased from$15.00 to$20.00 and as a result the number of cable subscribers decreased from 248,000 to 200,000. Along this portion of the demand curve, using the midpoint method, price elasticity of demand is approximately

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1.33.
0.72.
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0.6.

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