Multiple Choice
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) 0.05
B) 0.10
C) 0.33
D) 3.0
E) 5.5
Correct Answer:
Verified
Correct Answer:
Verified
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