Multiple Choice
In the market for backpacks, 100 backpacks are sold at $40 each. Then a fall in wages results in sales of 500 backpacks at a price of $20 each. Using the midpoint method, what is the absolute value of the elasticity of demand for backpacks?
A) 0.125
B) 0.5
C) 2
D) 8
Correct Answer:
Verified
Correct Answer:
Verified
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