Altona Corporation's vice president in charge of marketing believes that every 3% increase in the selling price of one of the company's products would lead to a 5% decrease in the product's total unit sales. The product's absorption costing unit product cost is $13.50. The variable production cost is $7.80 per unit and the variable selling and administrative cost is $2.30 per unit.
-The product's price elasticity of demand as defined in the text is closest to:

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The Answer of Altona Corporation's vice president in charge of marketing believes that every 3% increase in the selling price of one of the company's products would lead to a 5% decrease in the product's total unit sales. The product's absorption costing unit product cost is $13.50. The variable production cost is $7.80 per unit and the variable selling and administrative cost is $2.30 per unit.
-The product's price elasticity of demand as defined in the text is closest to:

Altona Corporation's Vice President in Charge of Marketing Believes That