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Can you please explain? Complete Mark 1.00 out of 1.00 Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered

Can you please explain?
Complete Mark 1.00 out of 1.00 Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula. Select one: a. 1.67 b. 0.6 C. 0.53 d. 1.0 y source was downloaded by 100000802618287 from CourseHero.com on 05-17-2021 17:38:38 GMT -05:00 ww.coursehero.com/file/$5154602/Fawaz-ECON705-Exam2pdf/

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