Question: Rafael's Barber Shop knows that a 5 percent decrease in the price of its haircuts results in a 15 percent increase in the number of

Rafael's Barber Shop knows that a 5 percent decrease in the price of its haircuts results in a 15 percent increase in the number of haircuts purchased. What is the elasticity of demand facing Rafael's Barber Shop?

a.0.15

b.0.05

c.3.0

d.0.10

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