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Organic produce prices increase from $4.7999 to $6.3956 per pound, subsequently, the demand for traditionally farmed produce increases from 487,525 to 7,032.981 pounds. 1.

Organic produce prices increase from $4.7999 to $6.3956 per pound, subsequently, the demand for traditionally farmed produce increases from 487,525 to 7,032.981 pounds. 1. Calculate the elasticity. 2. Interpret the elasticity. 3. How would you classify organic and traditionally farmed produce?

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