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State whether demand is price elastic or inelastic

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Reference no: EM13176667

Calculate the price elasticity of demand for the following products and state whether demand is price elastic, inelastic, or unit elastic,
a. Raw sugar prices rose by 3% and raw sugar consumption declined by 2%.

b. A 10% increase in the price of cigarettes reduce smoking among 8th to 10th graders by 10%.

c. The price of luxury cars increases by 4% while the quantity demanded decreases by 8%.

Reference no: EM13176667

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