Multiple Choice
Suppose that as the price of Y falls from $9 to $8, the quantity of Y demanded increases from 1,000 to 1,250. Then the absolute value of the price elasticity (using the midpoint formula) is approximately
A) 250.
B) 2.25.
C) 1.89.
D) 0.53.
Correct Answer:
Verified
Correct Answer:
Verified
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