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1. If the price elasticity of demand for cigarettes is 0.55, and the price of cigarettes...

1. If the price elasticity of demand for cigarettes is 0.55, and the price of cigarettes increases by 10 percent, then the quantity of cigarettes demanded will fall by what percent?

2. If the price elasticity of demand for chicken is 2, then a 20% decrease in the price of chicken will lead to what percentage increase in the quantity demanded of chicken?

3. When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, is the demand for NBA tickets elastic or inelastic, and why?

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