Multiple Choice
Suppose that the quantity of lemonade demanded falls from 103 000 litres per week to 97 000 litres per week as a result of a 10% increase in its price.The price elasticity of demand for lemonade is therefore
A) 0.6.
B) 6.0.
C) 1.97.
D) 1.03.
E) impossible to compute unless we know the before and after prices.
Correct Answer:
Verified
Correct Answer:
Verified
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