A. The price elasticity of demand is 2.33 66.7% /28.6% = 2.33 B. The PEd is elastic because it is > 1. 2. Which is more price elastic? A. Diamonds are more price elastic because they are a luxury item and water is a necessity.
A. The price elasticity of demand is 2.33 66.7% /28.6% = 2.33 B. The PEd is elastic because it is 1. 2. Which is more price elastic?
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