At a price of $100 each, Beachside Canoe Rentals rented 11 canoes. When it increased its rental
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Question:
At a price of $100 each, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125 each, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals, using the arc formula.
Group of answer choices:
1, 1.25
2, 0.75
3, 0.9
4, 2
Related Book For
Pricing Strategies A Marketing approach
ISBN: 978-1412964746
1st edition
Authors: Robert M. Schindler
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