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1 A consumer bought 300 units of a product when the price of the product was $10 per unit. If the price drops to $8 per unit the consumer will buy 440 units of the product. Calculate the price elasticity of demand of this product. Comment on the value you have obtained ..
2 A consumer bought 500 units of a product when his/her income was $3,000. When the income increased to $3,500 the consumer buys 600 units of the product. Calculate the Income elasticity of demand for this product. Comment on the value you have obtained.
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