1. A demand curve is given by the following equation:
a) Use the midpoint formula to calculate the price elasticity of demand between Q = 10 and Q = 12. Use this result to explain the change in total revenue between Q = 10 and Q = 12. Calculate the TR at each point to verify your claim (1 point)
b) Explain why the elasticity value would be the same for any 2 quantities you could pick. (1 point)
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