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Q5. Product X was selling at the price of 25 and the volume of sales was 550 units. Now the price is raised to

Q5. Product X was selling at the price of 25 and the volume of sales was 550 units. Now the price is raised to 28 and the volume of sales is decreased to 540. Calculate the PED (price elasticity of demand) and describe if it is elastic or inelastic. Then explain the concept of PED and one benefit of knowing PED. count = 230 words

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