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251Ch4lecture3 - • Below midpoint ε d< 1 • Above...

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9/5/2011 1 1 Chapter 4: Elasticity Lecture 3: Elasticity along a linear demand curve ε d and linear demand Elasticity and linear demand As prices rise, demand becomes more elastic
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Unformatted text preview: • Below midpoint, ε d < 1 • Above midpoint, ε d >1 • Midpoint, ε d = 1 P Q 12 6 2 4 6 8 10 1 2 3 4 5 εd =3 Midpoint εd=1 εd= D...
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