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Bluhm Corporation's management believes that every 2% increase in the selling price of one of the company's products would lead to a 4% decrease in

Bluhm Corporation's management believes that every 2% increase in the selling price of one of the company's products would lead to a 4% decrease in the product's total unit sales. The product's variable cost is $17.50 per unit.

The product's price elasticity of demand as defined in the text is closest to:
-1.75 -2.22 -2.06 -1.07

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