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Please answer the following: 1) Firms are interested in the magnitude of the price elasticity of demand coefficient. The magnitude of ED determines whether the

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Please answer the following:

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1) Firms are interested in the magnitude of the price elasticity of demand coefficient. The magnitude of ED determines whether the demand for a good or service is elastic, inelastic or unit elastic. For the following cases indicate whether demand is elastic, inelastic or unit elastic. 1

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