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Calculate the own-price elasticity of demand

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Reference no: EM132130070

Bob sells soft drinks. Suppose that Bob lowers his price from $5 per drink to $4 per drink, and, as a result, quantity demanded increases from 10 drinks to 18 drinks. Using the midpoint method, calculate the own-price elasticity of demand for soft drinks in this market (Round your answer to two decimal places).

Reference no: EM132130070

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