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Consider the following demand function: Q = 2021/P Where: Q is quantity demanded; P is the selling price. Calculate the elasticity of demand and determine

Consider the following demand function:

Q = 2021/P

Where: Q is quantity demanded; P is the selling price.

Calculate the elasticity of demand and determine whether demand is elastic, inelastic or unit elastic.

a. 1, unit elastic

b. -1, unit elastic

c. -1, elastic

d. None of the above

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