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For each of the letters below, indicate if demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unitary elastic: a

Economics Oct 28, 2021

For each of the letters below, indicate if demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unitary elastic:

a. Price rises by 10 percent, and quantity demanded falls by 2 percent.

b. Price falls by 5 percent, and quantity demanded rises by 4 percent.

c. Price falls by 6 percent, and quantity demanded does not change.

d. Price rises by 2 percent, and quantity demanded falls by 1 percent.

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