Refer to the Above Data

question 110

Multiple Choice

Refer to the above data.What is the elasticity of demand between the prices of $3 and $2?

• A) 0.22
• B) 0.40
• C) 0.56
• D) 1.22 The change in quantity is (400 - 500)/(400 + 500)= 0.111 and the change in price is (2 - 3)/(2 + 3)= 0.20.Thus,elasticity is 0.56.

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