Consider Nibbles, a very specialized brand of parakeet chow. When its price is $16 per package, it sells 40,000 units. When its price rises to $20, it sells 30,000
units. Calculate its price elasticity of demand, carefully following all numeric directions. You will
interpret this result in the next question.
(Note: Round intermediate steps to four decimal places and your final answer to two. Enter only numbers,
a decimal point, and/or a negative sign as needed in the blank.)