When the price of a bar of chocolate is $1.00, the quantity demanded is 100,000 bars. When the price rises to $1.50, the quantity demanded falls to 60,000 bars. Calculate the price elasticity of demand using the mid-point method.a. Suppose price increases from $1 to $1.50. Calculate the price elasticity of demand.b. Suppose price decreases from $1.50 to $1. Calculate the price elasticity of demand.
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