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| 13.Assume that for the average consumer, the quantity demanded for jeans increases from 5 to 7 pairs per year in response to a price decrease from $29 to $24 per pair. The respective price elasticity and relative elasticity of demand for jeans is best described by which of the following? A:A:?1.77; relatively inelastic B:B:?1.77; relatively elastic. C:C:?2.32; relatively elastic |
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