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What is the function of the first paragraph?
The first paragraph defines the concept of price elasticity of demand, and the rest of the passage shows several factors which influence the degree of elasticity.
The first paragraph defines and describes a concept, price elasticity of demand. The author does not introduce any debate in relation to this topic.
The concept that is introduced in the first paragraph, price elasticity of demand, is also defined in that paragraph.
Although the first paragraph mentions basic economic models, it does not use them to make any comparisons.
The first paragraph discusses price elasticity of demand, not basic economic models.