Multiple Choice
Suppose the price of apples decreases from $1.00 to $0.80 each and, as a result, the quantity of apples demanded increases from 800 to 1,000. Using the midpoint method, the price elasticity of demand for apples in the given price range is
A) 0.22.
B) 0.5.
C) 1.0.
D) 4.5.
Correct Answer:
Verified
Correct Answer:
Verified
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