Price elasticity of demand


Block's sells 500 bottles of perfume a month when the price is $7. A huge increase in resource costs causes price to rise to $9 and Block's only manages to sell 460 bottles of perfume. The price elasticity of demand is:

A) .33 and elastic

B) .33 and inelastic

C) 3.0 and elastic

D) 3.0 and inelastic

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Business Management: Price elasticity of demand
Reference No:- TGS0106211

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