Then the price elasticity of demand in that range equals

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If the price of food falls by 10 percent and the quantity sold increases by 5 percent, then the price elasticity of demand in that range equals

a. 2, and demand is elastic

b. 0.5, and demand is elastic

c. 2, and demand is inelastic

d. 0.5, and demand is inelastic

e. 15, and demand is elastic

Reference no: EM13732847

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