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The Price of a Dozen Eggs Falls from $2

Question 59

Multiple Choice

The price of a dozen eggs falls from $2.50 to $1.50. In response to this price change, the quantity demanded for eggs increases by 10%. What is the absolute value of the price elasticity of demand for eggs?


A) 4
B) -4
C) 0.25
D) -0.25

Correct Answer:

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