Multiple Choice
Jaycee Jeans sold 40 pairs of jeans at a price of $40.When it lowered its price to $20, the quantity sold increased to 60 pairs.Calculate the absolute value of the price elasticity of demand.Use the midpoint formula.
A) 1.67
B) 1.0
C) 0.6
D) 0.53
Correct Answer:
Verified
Correct Answer:
Verified
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