Multiple Choice
Suppose at a price of $10 the quantity demanded is 100.When the price falls to $8, the quantity demanded increases to 130.The price elasticity of demand (using the midpoint formula) between the prices of $10 and $8 is approximately:
A) 1.17.
B) 1.50.
C) 0.85.
D) 1.00.
Correct Answer:
Verified
Correct Answer:
Verified
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