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Suppose That the Price of a Product Decreased from $6

Question 128

Multiple Choice

Suppose that the price of a product decreased from $6.50 to $5.50,and the quantity demanded increased from 55 to 65.What is the value of the price elasticity of demand?


A) 0.5.
B) 0.85.
C) 1.0.
D) 1.18.
E) 2.0.

Correct Answer:

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