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What is the price elasticity of demand

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Suppose you own a bookstore where you currently sell 25 John Grisham mystery novels per day at a price of $38 per day. However, if you were to reduce the price to $27, then you would d sell 31 John Grisham mystery novels per day. Using the midpoint formula, what is the price elasticity of demand for john Grisham mystery novels?

Reference no: EM13999684

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