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Suppose you own a bookstore where you currently sell 20 JohnGrishammystery novels per day at a price of $36 per book. However, if you were

Suppose you own a bookstore where you currently sell 20 JohnGrishammystery novels per day at a price of $36 per book. However, if you were to reduce the price to $25, then you would sell 32 JohnGrishammystery novels per day.

Using the midpointformula, what is the price elasticity of demand for JohnGrishammystery novels?

nothing

(Hint: Be sure to include a minussign, and enter a real number rounded to two decimalplaces.)

In this pricerange, the demand for JohnGrishammystery books is

elastic

inelastic

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