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Augi Sells 300 Cat Toys Each Month When the Price

Question 11

Multiple Choice

Augi sells 300 cat toys each month when the price is $5 per toy. When Augi lowered the price to $4, she sold 400 toys. The price elasticity of demand over the $4 to $5 range is approximately:


A) 0.78 and elastic.
B) 1.29 and elastic.
C) 0.78 and inelastic.
D) 1.29 and inelastic.

Correct Answer:

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