Suppose that demand is given by the equationnbspusing the, Business Economics

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Suppose that demand is given by the equationnbspusing the

Suppose that demand is given by the equation:

Qd=200-2P

And supply is given by the equation:

Qs=3P-50

1) Using the midpoint formula, calculate the elasticity for demand when the price changes from $49 to $51. Would you classify the elasticity you calculated as elastic, inelastic, or unit elastic?

2) suppose you had an initial price of 43. Using the midpoint formula for the elasticity of demand, you determine that demand is unit elastic. What was the new price?

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Business Economics: Suppose that demand is given by the equationnbspusing the

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