Interpret the following elasticities for products A, B and C, by specifying whether (a) the product is
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Question:
Interpret the following elasticities for products A, B and C, by specifying whether (a) the product is normal or prestige (b)
whether it is elastic, or inelastic etc.
Product A : Elasticity of demand is ( - ) 2
Product B: Elasticity of demand is (+) 0.3
Product C: Elasticity of demand is (- ) 1.0
In the case of Product C also explain what you expect to happen if price increases by 10%?
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