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Suppose That as the Price of Y Falls From$3

Question 217

Multiple Choice

Suppose that as the price of Y falls from$3.00 to $2.80, the quantity of Y demanded increases from200 to 210. Then the absolute value of the price elasticity (using the midpoint formula) is approximately


A) 0.6.
B) 1.41.
C) 0.71.
D) 1.5.

Correct Answer:

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