Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30.
b. It is approximately 1.60.
c. It is approximately 1.00.
d. It is approximately 0.45.
e. It is approximately 6.10.
D
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