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1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6.
i. P= 40 - 0.5Q
ii. Q= -40 + 0.75P
iii. Q - P + 2 = 0
iv. 2P + 0.2Q = 40
v. P = 20 - 2Q
4P + 4Q = 64
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