Multiple Choice
Suppose the weekly demand function for a product is where p is the price in thousands of dollars and q is the number of units demanded. What is the elasticity of demand when the price is $1,000 and the quantity demanded is 714? Round your answer to two decimal places.
A) η ≈ 14.80
B) η ≈ 7.40
C) η ≈ 16.80
D) η ≈ 14.97
E) η ≈ 124.15
Correct Answer:

Verified
Correct Answer:
Verified
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