Refer to the Above Data

question 38

Multiple Choice

Refer to the above data.What is the price elasticity of demand over the range of $8 to $10?

• A) 0.11
• B) 0.47
• C) 1.93
• D) 1.43 Over this range the change in quantity is (40 - 36)/(40 + 36)= 0.053,and the change in price is (10 - 8)/(10 + 8)= 0.111.Thus,elasticity is 0.47.

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Definitions:

Korea

A region in East Asia, divided into two distinct countries: North Korea and South Korea, with distinct governments and political systems.

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Japan

An island country in East Asia, known for its rich history, cultural heritage, and significant economic and technological advancements.

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