Refer to the Above Data

question 31

Multiple Choice

Refer to the above data.What is the elasticity of demand between the prices of $4 and $3?

• A) 0.2
• B) 0.5
• C) 1
• D) 2 The change in quantity is (400 - 300)/(400 + 300)= 0.143 and the change in price is (3 - 4)/(3 + 4)= 0.143.Thus,elasticity is 0.143/0.143 = 1.0.

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