Multiple Choice
Suppose the quantity demanded of ski boats falls from 4.0 million to 3.0 million as a result of an average price increase from $20,000 to $25,000 per boat.The absolute value of the price elasticity of demand is closest to
A) 0.20.
B) 1.29.
C) 0.78.
D) 0.29.
Correct Answer:
Verified
Correct Answer:
Verified
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