When the Price of Gas Is $1

question 155

Multiple Choice

When the price of gas is $1.00 a litre,the quantity demanded is 1,750 litres.When the price of gas is $2.00 a litre,the quantity demanded is 1,250 litres.Calculate the price elasticity of demand when the price is $1.50 a litre.

• A)2.0
• B)5.0
• C)0.5
• D)20
• E)1.5

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