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Question 3 - The nature of gas demand Gas is a resource used by consumers and firms for heating, cooking and other forms of energy and is also used as an input into electricity generation. Several studies have estimated the price elasticity of demand for natural gas to be less than 1 in absolute terms. (1) What do these estimates of price elasticity tell you about the nature of gas demand? (1 mark) What determinant(s) of price elasticity do you think support these estimates? (2 marks)