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Question 1. Consider demand curve for the natural gas market below.Demand for Natural Gasa. Calculate the elasticity of the segment of the curve from N to M using the average elasticity method. Is demand elastic, unit elastic, or inelastic over this segment? ( 3.5 points)b. Calculate the elasticity of the segment of the curve from J to K using the average elasticity method. Is demand elastic, unit elastic, or inelastic over this segment? ( 3.5 points)
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