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In case of m market such as m, surging the price dampens demand. It was observed that if prices increased for a ride from $5.00

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In case of m market such as m, surging the price dampens demand. It was observed that if prices increased for a ride from $5.00 to $ 6.00, a 1.2x surge, there was a precise 27% drop in demand. Based on the above information and the gure below, answer the following questions: Is this estimated demand elastic or inelastic? What could be two reasons for it? Explain your

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