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Calculate the price elasticity of demand for the following products and state whether demand is price elastic, inelastic, or unit elastic. (LOI) a. Raw

Calculate the price elasticity of demand for the following products and state whether demand is price elastic, inelastic, or unit elastic. (LOI) a. Raw sugar prices rose by 3% and raw sugar consumption declined by 2%. b. A 10% increase in the price of cigarettes reduces smoking by 10%. c. The price of luxury cars increases by 5% while the quantity demanded decreases by 8%.

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