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Refer to the previous question about total expenditure and

1. The two supply curves represented by P=(1/2)Qs and P=20Qs have the same price elasticity. True or False.

2. Refer to the previous question about total expenditure and the elasticity of demand. Check whether the following statement is true for the demand function in that question: Total revenue is maximized at the midpoint of the downward sloping linear demand curve.

True or False

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