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For which of the following products would demand be elastic? Inelastic? Unitary? Explain why in each case. Products: (a) beef, (b) steak, (c) public transportation, (d) gasoline, (e) pencils, and (f) housing.


A seller finds out that the PED coefficient for the product being sold is 1.5. Would it be better to lower the price or raise the price to gain more sales revenue? How might the seller’s sales strategy change if the PED coefficient for the product were 0.8?


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Amia
Picture of Yuhan (Amia) Liu
Yuhan (Amia) Liu
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Yuhan (Amia) Liu
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Tony
Picture of Minh Khoi (Tony) Chu
Minh Khoi (Tony) Chu
Picture of Minh Khoi (Tony) Chu
Minh Khoi (Tony) Chu
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ivy
Picture of Shuying (Ivy) Zhang
Shuying (Ivy) Zhang
Picture of Shuying (Ivy) Zhang
Shuying (Ivy) Zhang
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Sylvia
Picture of Xiaowei (Sylvia) Liu
Xiaowei (Sylvia) Liu
Picture of Xiaowei (Sylvia) Liu
Xiaowei (Sylvia) Liu
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Anna
Picture of Shuyu (Anna) Dong
Shuyu (Anna) Dong
Picture of Shuyu (Anna) Dong
Shuyu (Anna) Dong
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Tom
Picture of Phuc Truong (Tom) Nguyen
Phuc Truong (Tom) Nguyen
Picture of Phuc Truong (Tom) Nguyen
Phuc Truong (Tom) Nguyen
 0