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A firm has tracked the quantity demanded of its output during four time periods. Product price, consumer income, and advertising expenditures also were recorded for each time period. The information is provided in the table that follows. Use it to calculate the arc elasticity of demand with respect to:a) Price (use periods 1 & 2).b) Income (use periods 2 & 3).c) Advertising (use periods 3 & 4).
Time Period 1 2 3 4Quantity 120 80 100 80Price 20 30 30 30Income 150 150 250 250Advertising 50 50 50 30
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Find out the price elasticity of demand regarding to the money price using "arc elasticity."
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