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Difference between point elasticity and arc elasticity

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Reference no: EM132913677

Respond to the following questions:

Explain the difference between point elasticity and arc elasticity.

What would you expect to happen to spending on food at home and spending on food in a restaurant during a decline in economic activity?

How would income elasticity of demand help you explain these changes?

Reply to at least two of your classmates' posts.

Reference no: EM132913677

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