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1. What is the price elasticity of demand? Can you explain it in your own words? Price elasticity of demand is how consumers react to

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1. What is the price elasticity of demand? Can you explain it in your own words? Price elasticity of demand is how consumers react to the change in an items price. 2. What is the price elasticity of supply? Can you explain it in your own words? How producers react to the change in an items price responsiveness of consumers

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