Products price elasticity of demand as defined

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Allen Corporation's vice president in charge of marketing believes that every 9% increase in the selling price of one of the company's products would lead to a 11% decrease in the product's total unit sales. The product's absorption costing unit product cost is $11.40. The variable production cost is $2.40 per unit and the variable selling and administrative cost is $5.80 per unit.

The product's price elasticity of demand as defined in the text is closest to?

Reference no: EM13795856

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