2 For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or

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2 For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic:

a. Price rises by 10 percent, and quantity demanded falls by 2 percent.

b. Price falls by 5 percent, and quantity demanded rises by 4 percent.

c. Price falls by 6 percent, and quantity demanded does not change.

d. Price rises by 2 percent, and quantity demanded falls by 1 percent.

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Microeconomics

ISBN: 9780324785494

9th Edition

Authors: Roger A. Arnold

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