Determining own-price elasticity

Reference no: EM1367411

Consider the service which you buy frequently. (Can use pedicure 2 times per month at $50 for graph and calculation)

a. Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year?

b. Using this information, compute the own-price elasticity of your demand.

Reference no: EM1367411

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