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Question 2 Not yet answered Points out of 3.00 Flag question A local specialty kitchenware store normally sells an average of 8 imported knife sets - per month - over 6 months at an average of $198.32 each. The price elasticity of Demand for these knife sets is estimated to be -1.22. Recent government import regulations, Canadian Dollar value changes and transportation costs have increased costs considerably resulting in higher breakeven prices for all items in the store. In order to capture economic profits the store manager decides to take some action and re-prices the inventory in the store. If the manager increases the price of each specialized knife set by 10% how many knife sets will they sell? ** HINT - use the basic formula: Elasticity = (Unknown Q / Change in Price) x (Average Price / Average Quantity sold) ** enter your answer for HOW many knives will be sold FOLLOWED by whether the elasticity value is inelastic or elastic. e.g. 14 elastic or e.g. 21 inelastic Answer Question 3 Answer saved Points out of 3.00 Flag