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Following table shows the demand for Bill's's Bakery apple pies:
Price ($) Quantity Sold
$9 1,000
$10 850
$11 780
1) Calculate the midpoint price elasticity of demand between $9 and $10. Is the demand in this range elastic or inelastic?
2) Calculate the midpoint price elasticity of demand between $10 and $11. Is the demand in this range elastic or inelastic?
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