Suppose that 100 hamburgers are demanded at a particular price. If the price of hamburger...
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Suppose that 100 hamburgers are demanded at a particular price. If the price of hamburger rises from that price by 5 percent, the number of hamburgers demanded falls to 96. Calculate the price elasticity of demand in this price range using the midpoint approach. Round off the elasticity to two decimal places (for example, if you get 1.234, write your answer as 1.23).
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