Multiple Choice
The initial price for an item is $5.00, and the quantity demanded is 400 units. When the price is raised to $5.25, the quantity demanded falls to 350 units. The absolute value of the point elasticity of demand is _____.
A) 2.25
B) 2.5
C) 3.5
D) 2.0
E) 1.5
Correct Answer:
Verified
Correct Answer:
Verified
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