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Block's sells 500 bottles of perfume a month when the price is $7

Economics

Block's sells 500 bottles of perfume a month when the price is $7. A huge increase in resource

costs cause the price to rise to $9 and Block only manages to sell 460 bottles of perfume. The

price elasticity of demand is:

  • .33 and elastic
  • 3.0 and elastic
  • .33 and inelastic
  • 3.0 and inelastic

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