2. For each of the following cases, calculate the point price elasticity of demand, and state whether
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2. For each of the following cases, calculate the point price elasticity of demand, and state whether demand is elastic, inelastic, or unit elastic. The demand curve is given by QD • 5,000 • 50PX
a. The price of the product is $50.
b. The price of the product is $75.
c. The price of the product is $25.
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