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Lyft Cuts the Price of a Ride in New York

Question 167

Multiple Choice

Lyft cuts the price of a ride in New York City by 20%. Thereafter, the quantity of rides demanded rises by 25%. What is the absolute value of the price elasticity of demand for Lyft rides?


A) 0.8
B) -0.8
C) 1.25
D) -1.25

Correct Answer:

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