Suppose the Price of a Calculator Is $18 and the Quantity

question 81

Multiple Choice

Suppose the price of a calculator is $18 and the quantity demanded is 90. When the price increases to $22, the quantity demanded drops to 70. Using the mid-point method, what is the price elasticity of demand for calculators?

• A) −1.25
• B) −25 percent
• C) −20 percent
• D) −25

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