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1. What is Price Elasticity of Demand? 2. Provide the equation formula for calculating Price Elasticity of Demand. 3. Explain the following: (i) Elastic Demand
1. What is Price Elasticity of Demand?
2. Provide the equation formula for calculating Price Elasticity of Demand.
3. Explain the following:
(i) Elastic Demand
(ii) Inelastic Demand
(iii) Unitary Elastic Demand
(iv) Perfectly Elastic Demand
(v) Perfectly Inelastic Demand.
4. Mention the numerical coefficient of each of the five in Q3 above.
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