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Calculate the point price elasticity of demand

Question: Optimal Price. Last month, Rick's Bike Shop, Inc. increased the price on the 24 ounce can of bearing grease by 1%. In response, sales dropped by 4%.

A. Calculate the point price elasticity of demand for bearing grease.

B. Calculate the optimal price for bearing grease if marginal cost is $4.50 per unit.

Now Priced at $20 (50% Discount)

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