Hanson Corporation Recently Changed the Selling Price of One of Its

Multiple Choice

Hanson Corporation recently changed the selling price of one of its products. Data concerning sales for comparable periods before and after the price change are presented below. $$\begin{array} { c c } \text { Selling Price } & \text { Unit Sales } \\\$ 62.00 & 5,200 \\\$ 63.00 & 5,000\end{array}$$ The product's price elasticity of demand as defined in the text is closest to:

A) -1.71
B) -1.65
C) -1.85
D) -2.45