Hanvold Company Recently Changed the Selling Price of One of Its

question 16

Multiple Choice

Hanvold Company recently changed the selling price of one of its products. Data concerning sales for comparable periods before and after the price change are presented below. $$\begin{array} { c c } \text { Selling Price } & \text { Unit Sales } \\\$ 30.00 & 1,700 \\\$ 32.00 & 1,410\end{array}$$ The product's price elasticity of demand as defined in the text is closest to:

• A)-3.14
• B)-3.55
• C)-4.72
• D)-2.90

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Definitions:

Electronic Invoice Form

A digital version of a billing document sent by a supplier to a customer, detailing products or services sold and requesting payment.

QuickBooks

An accounting software package developed and marketed by Intuit, aimed at small and medium-sized businesses for managing invoices, expenses, and payroll.

Receive Payment

The process of collecting money from customers against the outstanding amount due for goods sold or services rendered.

Prepare Reports

The process of organizing and presenting financial data and analyses, typically for business decision-making.