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Market Demand Is Given as QD = 75 - P

Question 36

Multiple Choice

Market demand is given as QD = 75 - P.Market supply is given as QS = 3P + 15.If price increases from $5 to $7,what is the price elasticity of demand?

A) 0.1
B) 0.3
C) 1.1
D) 2.3

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