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During a recent 30-day period, the El Sol Resort sold 4,000 rooms at an average room rate of $80. During the next 30-day period, the
During a recent 30-day period, the El Sol Resort sold 4,000 rooms at an average room rate of $80. During the next 30-day period, the price was increased to $90, and 3,500 rooms were sold. What is the price elasticity of demand for the resort's rooms?
0.10 |
0.13 |
1.00 |
1.29 |
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