Measuring the Price of Gasoline in Dollars, an Economist Calculates

question 25

Multiple Choice

Measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. What would the price elasticity of demand be if the economist had chosen to measure the price of gasoline in pennies rather than dollars?

• A) .5
• B) .05
• C) .005
• D) 50

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