7. Using the midpoint basis, and expressing the answer in fraction or integer format, calculate the elasticity statistic for the responsiveness of E to C changing from 2 to 6. a) 1 b)-3

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A:

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A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: > Why might your initial elasticity (PED) and (PES) calculations be unreliable?

A: The initial elasticity (PED) and (PES) calculations are unreliable.

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A: Initial price, P = $8 Final price, P1 = $12 Initial quantity, Q = 110 Final quantity, Q1 = 90

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