In each of the following instances, determine whether demand is elastic, inelastic, or unit-elastic. a. If price
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In each of the following instances, determine whether demand is elastic, inelastic, or unit-elastic.
a. If price increases by 10 percent and quantity demanded decreases by 15 percent, demand is _______.
b. If price decreases by 10 percent and quantity demanded increases by 5 percent, demand is _______.
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