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Describe in detail the determinants of price elasticity of demand. Why is a perfectly elastic demand curve horizontal? What does that mean? Why is a

Describe in detail the determinants of price elasticity of demand. Why is a perfectly elastic demand curve horizontal? What does that mean? Why is a perfectly inelastic demand curve vertical? What does that mean? Suppose that a two percent decline in coffee leads to a one percent increase in quantity demanded, would that show demand to be elastic or inelastic?

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