Solved

The Price of Cigars Is $10, with a Quantity Demanded

Question 218

Multiple Choice

The price of cigars is $10, with a quantity demanded of 1,000 per day. If the price increases to $12, the quantity demanded declines to 800 per day. What is the absolute value of elasticity of demand?


A) 1.00
B) 0.82
C) 1.22
D) 12.2

Correct Answer:

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