Suppose at $10 the Quantity Demanded Is 100

question 136

Multiple Choice

Suppose at $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 $10 and $8 is approximately:

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

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Definitions:

Simp

In internet slang, a simp is someone who does too much for a person they like, but in mathematical contexts, simp could refer to a simplification of an expression or equation.

Add

To combine one quantity with another to find the total or sum.

MT

In logic, Modus Tollens, a valid argument form where if 'P implies Q' is true and 'Q' is false, then 'P' must also be false.

Simp

A slang term often used online to describe someone who overly sympathizes or performs excessive attention and affection towards another person, typically to gain their affection, without receiving any in return.