Multiple Choice
Given the demand function QX = 5,000 - 250PX +120PY +.04I where
PY = $50.00 and I = $60,000. When the price of good X is increased from $30.00 to $40.00, what is the arc price elasticity of demand for good X over this range?
A) 2.88
B) -1.88
C) -2.995
D) 2.995
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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