Essay
A men's tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie.The price elasticity of demand, using the midpoint method, is:
A.greater than zero but less than 1.
B.equal to 1.
C.greater than 1 but less than 3.
D.greater than 3.
Correct Answer:
Verified
Correct Answer:
Verified
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