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Calculate price elasticity of demand

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Reference no: EM133256073

A student working at a grocery store observed that when the price of oranges is $2.99 per pound, 100 units are sold; when the price rise to $3.56 per pound, 90 units are sold.

Calculate price elasticity of demand.

Is it demand elastic, demand inelastic, unit elastic, perfectly inelastic and perfect elastic.

Explain your answer in "b" and include all relevant graphs.

Reference no: EM133256073

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