The demand for rice in Japan for a particular year was estimated by the general function q
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The demand for rice in Japan for a particular year was estimated by the general function q = ƒ(p) = Ap-0.13, where p represents the price of a unit of rice, A represents a constant that can be calculated uniquely for a particular year, and q represents the annual per capita rice demand. Calculate the elasticity of demand. Is the demand elastic or inelastic? How would a 1% increase in the price affect the demand?
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