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Consider the following table, showing quantity and price data. Assume the data was generated from a succession of random shocks to a supply curve, and that residuals are due to random noise in demand. Estimate the linear demand curve. What is the point elasticity of demand at a price of P = 20? Round your answer to two decimal places.
Quantity
Price
0.5
29.17
1
25.72
1.5
27.85
2
26.45
2.5
21.73
3
26.63
3.5
24.20
4
18.42
4.5
20.43
5
18.96
5.5
16.34
6
20.03
6.5
15.50
7
16.73
7.5
15.88
8
14.57
8.5
14.81
9
11.02
9.5
11.04
10
7.10
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