The Price Elasticity of Demand for Tomatoes Is 1

question 29

Multiple Choice

The price elasticity of demand for tomatoes is 1.2 during the summer.If a drought causes the price of tomatoes to increase 15%,farmers can expect quantity demanded to

• A) decrease by 18%.
• B) increase by 18%.
• C) decrease by 12.5%.
• D) increase by 12.5%.

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