Multiple Choice
When the price of pens went from $1 to $1.50, the quantity demanded of pencils changed from 50 to 75 a day. The cross-price elasticity of demand for pens (using the initial value formula) is
A) 0.8.
B) 0.4.
C) 0.2.
D) It cannot be determined from the information provided.
Correct Answer:
Verified
Correct Answer:
Verified
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