a. If an increase in the price of AC units from $1,000 to $2,000 reduces the quantity demanded from 10 AC units to 5 AC units, what is the price elasticity of demand? Please provide an interpretation of the price elasticity of demand.   b. If at a price of $1,100 the quantity of personal computers supplied is 12,000 and at a price of $900 the quantity supplied is 8,000. What is the price elasticity of supply? Please provide an interpretation of the price elasticity of supply.

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