If the Price of Ice Cream Changes by 30 Percent

question 106

Multiple Choice

If the price of ice cream changes by 30 percent and the quantity demanded changes by 75 percent, what is the absolute value of demand elasticity?

• A) 2.5, so demand is inelastic
• B) 0.4, so demand is inelastic
• C) 0.4, so demand is elastic
• D) 2.5, so demand is elastic

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