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Calculate price elasticity of demand and interpret result

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Reference no: EM132170616

When the price of a new Toyota Corolla was $20,000, a dealership sold 15 cars in one week. The car was put on sale with incentives worth $4,000 (cash). As a result, the same dealership sold 22 cars in next week. Calculate price elasticity of demand and interpret your result. You must show your work.

Reference no: EM132170616

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