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Suppose Favorable Weather Increased the Supply of Tomatoes So That

Question 6

Multiple Choice

Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from US$45 a ton to US$35 a ton and quantity sold increased from 300 tons to 420 tons. What is the absolute value of the price elasticity of demand?


A) 0.08
B) 1.33
C) 0.75
D) More information is needed to answer the question.

Correct Answer:

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