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A student working at a grocery store observed that when the price of oranges is $2.99 per pound, 100 units are sold; when the price
- A student working at a grocery store observed that when the price of oranges is $2.99 per pound, 100 units are sold; when the price rise to $3.56 per pound, 90 units are sold.
- Calculate price elasticity of demand.
- Is it demand elastic, demand inelastic, unit elastic, perfectly inelastic and perfect elastic.
- Explain your answer in "b" and include all relevant graphs.
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