Suppose at a Price of $10 the Quantity Demanded Is

question 33

Multiple Choice

Suppose at a price of $10 the quantity demanded is 100.When the price falls to $8, the quantity demanded increases to 130.The price elasticity of demand (using the midpoint formula) between the prices of $10 and $8 is approximately:

• A)1.17.
• B)1.50.
• C)0.85.
• D)1.00.

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