Multiple Choice
The price of notebooks is $5, and at that price consumers demand 12 notebooks.If the price rises to $7, consumers will decrease consumption to 4 notebooks.Using the midpoint formula, what is the price elasticity of demand for notebooks?
A) 1/3
B) 3
C) 1/6
D) 6
Correct Answer:
Verified
Correct Answer:
Verified
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