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1.A jeweller reduces the price of platinum earrings from $400 to $350 per pair, causing an increase in the quantity demanded from 25 units to
1.A jeweller reduces the price of platinum earrings from $400 to $350 per
pair, causing an increase in the quantity demanded from 25 units to 30
pairs per month.
2.Calculate the value of the PED for the earrings andcomment on the result.
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