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When a bakery reduced the price of cookies from $2 to $1, cookie sales increased from 100 to 150. Calculate and interpret the arc elasticity

When a bakery reduced the price of cookies from $2 to $1, cookie sales increased from 100 to 150. Calculate and interpret the arc elasticity of demand for cookies. Group of answer choices -0.60; elastic demand -1.67; inelastic demand -1.67; elastic demand -0.60; inelastic demand

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