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The price of a good is $1.50 per unit and annual demand is 600,000 units. If an increase in price of 10c per unit results in a fall in demand of 65,000 units per year, what is the price elasticity of demand? Give your answer correct to 3 decimal places. A. 1.625 B. 1.944 C. 1.612 D. 0.615 |