Multiple Choice
Suppose the price of a bag of frozen chicken nuggets decreases from $6.10 to $5.90 and, as a result, the quantity of bags demanded increases from 560 to 620. Using the midpoint method, the price elasticity of demand for frozen chicken nuggets in the given price range is
A) 0.33.
B) 0.10.
C) 3.05.
D) 0.03.
Correct Answer:
Verified
Correct Answer:
Verified
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