What is the price elasticity of demand

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A west main street massage school is offering college students a discount for massages. Their normal prices were $60 for 60 minutes, and they typically booked 30 massages a week at that price. The past week when they offered the same 60 minute massage at $50, they were able to book 40 massages. What is the price elasticity of demand? They are thinking about running future specials. Is this a good idea? (hint: think about the elasticity)

Reference no: EM131095389

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