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Suppose the Price of Product X Is Reduced from $16

Question 100

Multiple Choice

Suppose the price of product X is reduced from $16.00 to $12.00 and, as a result, the quantity of X demanded increases from 300 to 450.Using the midpoint method, the price elasticity of demand for X in the given price range is:


A) 1.40
B) 1.00
C) 0.40
D) 0.29

Correct Answer:

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