Calculate the price elasticity of this car model
Problem
Suppose a car company increases the price of its most popular model from $13,500 to $16,500. As a result, the quantity demanded for this model is reduced from 600,000 to 400,000 units. Calculate the price elasticity of this car model.
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As a result, the quantity demanded for this model is reduced from 600,000 to 400,000 units. Calculate the price elasticity of this car model.
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