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Assume you own a bakery and you would like to measure how responsive people are to changes in price of croissants. When the price is
Assume you own a bakery and you would like to measure how responsive people are to changes in price of croissants. When the price is $5 per croissant, you sell 85 per day. When you raise the price to $5.55 per croissant, you sell 59 per day. What is the price elasticity of demand (Ed) for your croissants? (note: remember that we take the absolute value for Ed calculations) Note: enter answer with only numerical values and round up to the nearest tenth. For example, if you think the answer is "$101.58" then enter the answer "101.6" in the space below
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