Multiple Choice
When the price of a cookie is $4,Gary purchases 50 cookies.When the price of a cookie increases to $6,he purchases 20 cookies.Given the information,what is the absolute value of Gary's arc elasticity of demand for cookies?
A) 1.2
B) 2.14
C) 3.26
D) 5
Correct Answer:
Verified
Correct Answer:
Verified
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