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Question 01: A)Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to

Question 01:

A)"Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change." Discuss this statement and support your discussion with mathematical calculation? (5 Marks)

B)Price elasticity of supply measures the responsiveness of sellers to changes in the price of a product. Discuss? (5 Marks)

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