The Price of One-Bedroom Apartments in Mildura Increased from $55,000

question 87

Multiple Choice

The price of one-bedroom apartments in Mildura increased from $55,000 to $65,000 and the quantity of apartments for sale increased from 25 to 30. Using the midpoint method, the price elasticity of supply for apartments in Mildura is equal to

• A) 0.916.
• B) 0.08.
• C) 2.18.
• D) 1.09.
• E) 0.75.

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Definitions:

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