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The current price of canvas messenger bags is $36 each and sales of the bags equal 400 per week.If the price elasticity of demand is -2.5 and the price changes to $44, how many messenger bags will be sold per week? Use the midpoint formula.
Minimum Legal Capital
The least amount of capital that a company is required to maintain by law, to protect creditors from the company's liabilities.
Convertible Stock
Equity securities that can be converted into a predetermined number of common shares, at the option of the holder.
Callable Stock
A type of security that gives the issuer the right to buy back the shares at a predetermined price after a certain period.
Noncumulative Stock
Preferred stock where dividend payments are not accumulated if they are not declared, meaning shareholders may lose the right to dividends in missed payment periods.
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