Multiple Choice
Suppose the price of a movie ticket is $7.50 and the quantity demanded is 550. When the increases to $8.50, the quantity demanded drops to 450. Using the mid-point method, what is the price elasticity of demand for movie tickets?
A) 0.625
B) −0.625
C) −1.6
D) 1.6
Correct Answer:
Verified
Correct Answer:
Verified
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