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1.You are given the following economic data: The price of pizza is $4, the quantity demanded of pizza is 60 slices, the quantity demanded of
1.You are given the following economic data:
The price of pizza is $4, the quantity demanded of pizza is 60 slices, the quantity demanded of cheese bread is 100 pieces.
When the price of pizza is $2, the quantity demanded of pizza is 80 slices, and the quantity demanded of cheese bread is 70 pieces.
Calculate the price of elasticity of demand. Is the result elastic or inelastic? Explain.
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