Multiple Choice
Suppose that the price of product B increases from $10 to $15 and, in response, quantity demanded declines from 100 to 80. Using the midpoint formula, what is the elasticity of demand?
A) 2.5
B) 1.33
C) 0.4
D) 0.56
E) 0.75
Correct Answer:
Verified
Correct Answer:
Verified
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