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Suppose that an initial price for an item is $5.00, and the quantity demanded is 350 units per week. When the price is raised to $5.25, the quantity...

Suppose that an initial price for an item is $5.00, and the quantity demanded is 350 units per week. When the price is raised to $5.25, the quantity demanded falls to 300 units per week. Use the formula for arc elasticity to compute elasticity along this portion of the curve.

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