Suppose That the Price of Product G Increases from $10

question 175

Multiple Choice

Suppose that the price of product G increases from $10 to $20 and,in response,quantity demanded declines from 100 to 80.Using the midpoint formula,what is the elasticity of demand?

• A).5
• B)3
• C).67
• D).33
• E)2

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Definitions:

Fraternities

Social organizations, typically for male college students, that are formed for personal and professional development, networking, and community service.

Sororities

Social organizations primarily for females in colleges or universities, which are devoted to philanthropic, academic, and social activities.

Cohesiveness

The extent to which members of a group or community are attracted to each other and motivated to stay together.

Apathetic

Showing or feeling no interest, enthusiasm, or concern about something.