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Suppose That When the Price of a Good Rises from $12

Question 42

Multiple Choice

Suppose that when the price of a good rises from $12 to $14, the quantity demanded of that good falls from 220 units to 180 units. What is the approximate price elasticity of demand between these two prices?


A) 1.30
B) 0.77
C) 1.73
D) 0.27

Correct Answer:

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