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If a Price Increase from $5 to $7 Causes Quantity

Question 13

Multiple Choice

If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100,what is the absolute value of the own price elasticity at a price of $7?


A) 0.57
B) 1.75
C) 0.02
D) 1.24

Correct Answer:

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