Solved

Refer to the Above Data

Question 38

Multiple Choice

Refer to the above data.What is the price elasticity of demand over the range of $8 to $10? A) 0.11 B) 0.47 C) 1.93 D) 1.43 Over this range the change in quantity is (40 - 36) /(40 + 36) = 0.053,and the change in price is (10 - 8) /(10 + 8) = 0.111.Thus,elasticity is 0.47. Refer to the above data.What is the price elasticity of demand over the range of $8 to $10?


A) 0.11
B) 0.47
C) 1.93
D) 1.43
Over this range the change in quantity is (40 - 36) /(40 + 36) = 0.053,and the change in price is (10 - 8) /(10 + 8) = 0.111.Thus,elasticity is 0.47.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q33: Based on the information in the table,which

Q34: Which product is most likely to be

Q35: As price increases along a downsloping linear

Q36: When the demand for a good is

Q37: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4893/.jpg" alt=" Refer to the

Q39: A firm produces and sells two goods,A

Q40: What is the most likely effect of

Q41: At a price of $4 per unit,Gadgets

Q42: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4893/.jpg" alt=" Refer to the

Q43: Changes in demand have a large effect