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Refer to the Information Provided in Scenario 1 Below to Answer

Question 3

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Refer to the information provided in Scenario 1 below to answer the following questions.
SCENARIO 1: The following diagram represents the U.S. market for oil. Refer to the information provided in Scenario 1 below to answer the following questions. SCENARIO 1: The following diagram represents the U.S. market for oil. -Refer to Scenario 1. Use the midpoint formula to calculate the price elasticity of demand between $18 and $16.
-Refer to Scenario 1. Use the midpoint formula to calculate the price elasticity of demand between $18 and $16.

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