Multiple Choice
Suppose the price of a bag of tortilla chips decreases from $3.00 to $2.50 and,as a result,the quantity of tortilla chips demanded increases from 200 bags to 300 bags.Using the midpoint method,the price elasticity of demand for tortilla chips in the given price range is
A) 0.33.
B) 0.45.
C) 2.20.
D) 3.00.
Correct Answer:
Verified
Correct Answer:
Verified
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