Suppose That as the Price of Y Falls from $9

question 376

Multiple Choice

Suppose that as the price of Y falls from $9 to $8, the quantity of Y demanded increases from 1,000 to 1,250. Then the absolute value of the price elasticity (using the midpoint formula) is approximately

• A)250.
• B)2.25.
• C)1.89.
• D)0.53.

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