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Suppose at a price of $4.99, IKEA sells 10 umbrellas per day. When it rains and the store cuts the price to $2.50 it sells

Suppose at a price of $4.99, IKEA sells 10 umbrellas per day. When it rains and the store cuts the price to $2.50 it sells 12 umbrellas. Use the midpoint method to calculate the price elasticity of demand (round your final answer to two decimal places)

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