Multiple Choice
Suppose a factory is producing 100 units and the price of each unit is $10.If raising the price to $12 per unit results in a drop in sales of 12 units,what is the price elasticity of demand,η?
A) 6
B) 0.6
C) 1.67
D) 0.8
E) 0.17
Correct Answer:
Verified
Correct Answer:
Verified
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