Multiple Choice
Suppose that in a month the price of tulips increases from $1 to $1.50. At the same time, the quantity of tulips demanded decreases from 200 to 190. The price elasticity of demand for tulips (calculated using the initial value formula) is
A) 0.1.
B) 0.5.
C) 10.
D) 20.
Correct Answer:
Verified
Correct Answer:
Verified
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