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Using the midpoint formula , calculate the price elasticity of demand. Is it elastic or inelastic demand and why? Price ($) Quantity Demanded (units) P

Using the midpoint formula, calculate the price elasticity of demand. Is it elastic or inelastic demand and why?

Price ($) Quantity Demanded (units)
P1 = 7

Q1 = 20
P2= 3 Q2 = 25

Using the basic formula, calculate the price elasticity of supply. Is it elastic or inelastic supply and why?

Price ($) Quantity Supplied (units)
P1 = 3

Q1 = 20
P2= 5 Q2 = 60

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