Suppose the price elasticity of demand for cheerios is -0.88. If so, the demand for it is ______. (Elastic, Inelastic or Unit-Elastic)? Assuming its price elasticity of demand changes to -0.21. Then the demand for it is _____. (Elastic, Inelastic or Unit-elastic)?

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The price elasticity of demand can be defined as the responsiveness th... View the full answer