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| 15.The price of product Z decreased from $2.50 per unit to $2.00 per unit. Since the price decreased, demand has gone up from 3 million units to 4 million units. Calculate the respective price elasticity of demand and determine the elasticity of demand. A:A:?1.29; inelastic. B:B:?2.00; elastic C:C:?1.29; elastic. |
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