Question 10Celine runs a sporting goods store and knows that the price elasticity of demand for her sportsclothing line is -1.5. She is planning to lower prices by 10 percent. The percentage change inquantity demanded will be0.06 percent.O 6.66 percent.O 15 percent.O 0.15 percent.8.50 percent.

When there is a variation in the level of demand due to a change in the level of price of a product…

Answered: Celine runs a sporting goods store and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Celine runs a sporting goods store and knows that the price elasticity of demand for her sport clothing line is -1.5. She is planning to lower prices by 10 percent. The percentage change in quantity demanded will be O 0.06 percent. O 6.66 percent. O 15 percent. O 0.15 percent. 8.50 percent.