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1-Using the midpoints method, calculate the price elasticity of demand of Good X using the following information: When the price of good X is $50, the quantity demanded of good X is 400 units. When the price of good X rises to $60, the quantity demanded of good X falls to 300 units.
The price elasticity of demand for good X = 0.64.
The price elasticity of demand for good X is 1.75
The price elasticity of demand for good X = 1.57.
The price elasticity of demand for good X = 1.23.
2-If demand deceases and supply remains constant, what happens to the market equilibrium?​
Quantity and price both fall.
neither price or quantity will change
Quantity rises and price falls.
Quantity and price both rise
3-In a market with relatively inelastic demand, if the supply curve shifts due to a fall in production costs, the equilibrium price will ________ by ________ than equilibrium quantity.
Question 24 options:
decrease; more
increase; more
increase; less
decrease; less

 

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