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Let's say that a car dealer lowers the price of a certain model car from $ 4 0 , 0 0 0 to $ 3

Let's say that a car dealer lowers the price of a certain model car from $

40, 000

to $

34, 000 .

If it observes that it sells

15

cars instead of

10

per month as a result of this price decrease, what is this product's price elasticity of demand?

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