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define the interpreting the price elasticity of

Define the interpreting the price elasticity of demand.

Interpreting the Price Elasticity of Demand:

Demand is:

a. Elastic when the price elasticity of demand is greater than 1,

b. Inelastic when the price elasticity of demand is less than 1, and

c. Unit-elastic when the price elasticity of demand is precisely 1.

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