When the price of a bar of chocolate is $1, demand is100,000 bars. When the price rises to $1.50, demandfalls to 60,000 bars. Calculate the price elasticity ofdemand according to the instructions below andexpress your answer in absolute value. [LO 4.1]a. Suppose price increases from $1 to $1.50.Calculate the price elasticity of demand interms of percent change, as described onpages 79–80.

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