Texts: a) Using the midpoint elasticity formula, calculate the price elasticity of demand when the price falls from 2 to1. (4 points)100200 400 Quantity Demanded (Qd)100b) Is a price elasticity of demand of 3.2 considered relatively elastic, inelastic, or unit elastic? (2 points)c) What does the numeral 3.2 itself in the above question tell you about the price elasticity of demand? (2 points)

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