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Market Demand Is Given as QD = 220 - 4P

Question 349

Multiple Choice

Market demand is given as QD = 220 - 4P.Market supply is given as QS = 2P + 40.If price increases from $12 to $14,what is the price elasticity of demand


A) 0.3
B) 0.7
C) 1.0
D) 3.0

Correct Answer:

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