Refer to the Figure Above

question 13

Multiple Choice

Refer to the figure above.Over the $5-$6 range,the elasticity of demand using the midpoint formula is:

• A) 0.22.
• B) 0.88.
• C) 1.00.
• D) 1.16. The change in quantity is (60 - 50)/(60 + 50)= 0.091 and the change in price is (5 - 6)/(5 + 6)= 0.091.Thus,elasticity is 0.091/0.091 = 1.0.

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