Multiple Choice
The price of one-bedroom apartments in Mildura increased from $55,000 to $65,000 and the quantity of apartments for sale increased from 25 to 30. Using the midpoint method, the price elasticity of supply for apartments in Mildura is equal to
A) 0.916.
B) 0.08.
C) 2.18.
D) 1.09.
E) 0.75.
Correct Answer:
Verified
Correct Answer:
Verified
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