Multiple Choice
Suppose the price of product X is increased from $8.00 to $10.00 and as a result, the quantity of X demanded decreases from 1500 to 1000.Using the midpoint method, the price elasticity of demand for X in the given price range is:
A) 2.00
B) 1.80
C) 1.00
D) 0.40
Correct Answer:
Verified
Correct Answer:
Verified
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