The Demand for Space Heaters Is Q = 250 -

question 34

Multiple Choice

The demand for space heaters is Q = 250 - P + 2COOL,where COOL is the absolute value of the difference between the average overnight low temperature and 40°F.Assume that the average overnight low is 0°F.When the price of space heaters is P = $30,the price elasticity of demand is:

• A) -0.1.
• B) -1.0.
• C) -0.66.
• D) -1.5.
• E) -6.6.

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