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Compute for the price elasticity of demand

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Problem 1: Trek Inc., which sells bikes, changed the price of their foldable bikes from P3,000 to P3,500. As a result, the quantity of their product sold went from 700 bikes to 500 bikes. Compute for the price elasticity of demand. Indicate whether the product's demand is elastic or inelastic.

Reference no: EM132730509

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