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Increase in the price of haircuts

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At Bailey's Barber Shop, a 5 percent increase in the price of haircuts results in a 15 percent decrease in the number of haircuts per day. Which of the following is the price elasticity of demand of haircuts?

a. 0.10

b. 0.33

c. 3.0

d. 0.05

e. 5.5

What exactly is price elasticity, and how do you find it?

Reference no: EM132294111

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