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Compute the price elasticity of demand

Problem:

Consider the following data

Price of Elasticity Data

P Q
37 32
47 22

Inflation Data
Year CPI GDP
2005 100 345
2006 126 349
2007 136 424
2008 146 526

a) Compute the price elasticity of demand

b) Compute the inflation in 2008 relative to the price of 2007

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Microeconomics: Compute the price elasticity of demand

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Microeconomics: Compute the price elasticity of demand

Reference No:- TGS02077775

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