Calculate the price elasticity of demand for this product
Suppose that the price of a product falls from $70 to $60, and the quantity demanded as a result increases from 30 units to 40 units. Calculate the price elasticity of demand for this product. Is the product elastic, inelastic, or unit elastic?
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suppose that the price of a product falls from 70 to 60 and the quantity demanded as a result increases from 30 units
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