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  3. 2 elastic inelastic and unitelastic demand the following graph shows...

Question: 2 elastic inelastic and unitelastic demand the following graph shows...

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2. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good 140一- 70一一し--+(28, 50 ) Demand 0 8 20 28 56 QUANTITY (Units)

For each region on the graph given in the following table, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic Unit Elastic Between X and Y Between Y and Z Between W and X True or False: The value of the price elasticity of demand is not equal to the slope of the demand curve. ● True False

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