In February of 2025, the price of the PlayStation 5 was $499…
In February of 2025, the price of the PlayStation 5 was $499, and Sony sold 300 units. To increase sales, Sony lowered the price of the PlayStation 5 to $400 in March, and sales increased to 375 units. Calculate the price elasticity of demand for the PlayStation 5 using the midpoint (arc elasticity) formula. Round your answer to two decimal places (format: X.XX).
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