Answer the question using the 3 -step approach 2. Due to Covid 19, there has been a major delay with the shipping lines causing an increase in shipping costs for major retailer Shipping cost is a major cost component for shea products. How will Covid affect the supply and demand for Shea products? 3. A 12 % increase in the price of fuel reduces the quantity of fuel demanded by 3 %. What is the price elasticity of demand for fuel? What can you say about elasticity?

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