1. If a 10% increase in price leads to a 40% decrease in quantity demanded, what is the value of price elasticity of demand? Show your work. 2. Which of the following will cause the demand for a good or service to be inelastic? · Having few substitutes . Alonger time period · Being a luxury · Being a large share of the consumer's budget 3. If the price elasticity of demand is equal to 0.5, is demand elastic, inelastic, or unitary elastic?

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