Suppose That as the Price of Y Falls from $12

question 109

Multiple Choice

Suppose that as the price of Y falls from $12 to $10, the quantity of Y demanded increases from 500 to 600. Then the absolute value of the price elasticity (using the midpoint formula) is approximately

• A)50.
• B)1.2.
• C)1.
• D)0.83.

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