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An Economist Collected the Following Data Points on the Demand Price  Quantity Demanded $105,000$124,000\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}

question 237

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An economist collected the following data points on the demand for gadgets.
Price  Quantity Demanded $105,000$124,000\begin{array}{llcc} \text {Price } &\text { Quantity Demanded } \\ \$ 10 & 5,000 \\\$ 12 &4,000 \\\end{array}
Using the midpoint method, what is the price elasticity of demand? Use your answer to determine whether demand for this product is elastic or inelastic.


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