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The price elasticity of demand is defined as: The ratio of the percentage change in the quantity demanded of a product to a percentage change

The price elasticity of demand is defined as:

The ratio of the percentage change in the quantity demanded of a product to a percentage change in quantity supplied

The ratio of the percentage change in the quantity supplied of a product to a percentage change in quantity demanded

The ratio of the percentage change in the quantity demanded of a product to a percentage change in its price

The ratio of the percentage change in the quantity supplied of a product to a percentage change in its price

Price is unit elastic when the calculated result of the mid-point formula is:

= 1

> 1

< 1

infinity/undefined

The mid-point formula can be used to calculate:

Group of answer choices

Average income

The price elasticity of demand

Average elasticity

Whether or not a good is a substitute or complement

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