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Suppose the price of Twinkies is reduced from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from 2,000 to 2,200.

Suppose the price of Twinkies is reduced from $1.45 to $1.25 and, as a result, the quantity of Twinkies demanded increases from 2,000 to 2,200. Using the midpoint method, what is the price elasticity of demand for Twinkies in the given price range?

a. 0.64

b. 1.00

c. 0.75

d. 1.56

what is the answer and how is it calculated?

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