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Which of the following is the correct definition of price elasticity of demand? (a) The percentage change in the quantity demanded divided by the percentage

Which of the following is the correct definition of price elasticity of demand?

(a) The percentage change in the quantity demanded divided by the percentage in

income.

(b) The percentage change in price of a good divided by the percentage change in the

quantity demanded of that good.

demanded.

(d) The percentage change in the quantity demanded of a good divided by the

percentage change in the price of that good.

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