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Mr. Brown was selling cheese at $5/kg and sold 116,250 kgs. He decreased the selling price to $3/kg and the new quantity he sold is

Mr. Brown was selling cheese at $5/kg and sold 116,250 kgs. He decreased the selling price to $3/kg and the new quantity he sold is 123,750 kgs. What is the calculated price elasticity of demand? a. 1.0 b. None of the others c. 0.125 d. 2.0

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