Assume that the price changed from P1 to P2. Compute for the mid-point elasticity and determine the degree of elasticity: P1 = 7 P2 = 6.5   Q1 = 67 Q2 = 72   What is the Elasticity coefficient and Degree of Elasticity?   Note: coefficient should be rounded off to two decimal places; Degree of Elasticity should be any of the following: Elastic, Inelastic, Unit Elastic, Perfectly Elastic, or Perfectly Inelastic.

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