Multiple Choice
When the price of milk is $3 per bottle,Steve consumes 20 bottles of milk.When the price increases to $6,Steve's consumption falls to 15 bottles.Therefore,Steve's arc elasticity of demand for milk is ________.
A) −0.25
B) −0.43
C) −0.50
D) −0.75
Correct Answer:
Verified
Correct Answer:
Verified
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