Price D1 D2 S1 S2 $18 7 11 22 17 $15 10 15 20 15 $12 13 17 18 13 $9 16 21 16 11 $6 19 24 14 9 $3 21 27 12 7   Refer to the above table. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, and supply schedule changes from S1 to S2, t

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A: Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…

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A: please find the answer below.