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3) Yesterday, the price of a bag of beef jerky was $5.00, and you were willing to buy 10 of them. Today the price

3) Yesterday, the price of a bag of beef jerky was $5.00, and you were willing to buy 10 of them. Today the price has gone up to $6.25, and you are only willing to buy 8. Calculate your coefficient of elasticity of demand for the beef jerky and state whether the demand is relatively elastic or inelastic.

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