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Quantity Demand: Q2: 67 Qi: 49
Price: P2: 29 P1: 35
Income: I2: 200 I1: 185
Substitute Price: SP2: 34 SP1: 50
Using the midpoint method, calculate the price, income and cross price elasticity of demand and determine the degree of elasticity. (30%)
Explain the concept of elasticity considering which elasticities are most important for businesses to understand and how can business alter elasticities to their own advantage? (70%)