Suppose That as the Price of Y Falls From$2

question 70

Multiple Choice

Suppose that as the price of Y falls from$2.00 to $1.90, the quantity of Y demanded increases from110 to 118. Then the absolute value of the price elasticity (using the midpoint formula) is approximately

• A)4.
• B)2.09.
• C)1.37.
• D)3.94.

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