Multiple Choice
Suppose the price of a bag of jellybeans rises from $1.60 to $2.00, causing sales of jellybeans to fall from 120 bags to 80 bags per day. Using the midpoint method, what is the elasticity of demand for jellybeans?
A) 0.55
B) 0.75
C) 1.33
D) 1.80
Correct Answer:
Verified
Correct Answer:
Verified
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