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3. Explain the concept of price elasticity of demand, present the formula, and calculate the elasticity for the following data: Price: $10 increases to $12

3. Explain the concept of price elasticity of demand, present the formula, and calculate the elasticity for the following data: Price: $10 increases to $12 Quantity: 100 decreases to 95. Explain the category of elasticity of this good.

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