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Presented below is the table related to Fiction Books price and quantity demanded: ------------------------------------------- Price | Quantity Demanded 10$ | 200 12$ | 140 14$ | 100 16$ | 80 1. Calculate the Mid-Point of Quantity and the Mid-Point of Price when price increases from $10 to $12. 2. Calculate the Price Elasticity of Demand and state if Demand is elastic or inelastic.? 3. In order to maximize the Total Revenue, should the bookstore increase the price for fiction books? Explain why?
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