What is the own-price elasticity of demand

What is the own-price elasticity of demand

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Reference no: EM131007135

Susan owns a handmade jewelry store. She recently raised prices by 10% and found that her jewelry sales fell by 22%. What is the own-price elasticity of demand for Susan’s jewelry? Is demand elastic or inelastic and what does this mean?

Reference no: EM131007135

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