Suppose the Price of Apples Decreases from $1

question 258

Multiple Choice

Suppose the price of apples decreases from $1.00 to $0.80 each and, as a result, the quantity of apples demanded increases from 800 to 1,000. Using the midpoint method, the price elasticity of demand for apples in the given price range is

• A)0.22.
• B)0.5.
• C)1.0.
• D)4.5.

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