Suppose That 50 Candy Bars Are Demanded at a Particular

question 237

Multiple Choice

Suppose that 50 candy bars are demanded at a particular price.If the price of candy bars rises from that price by 5 percent,the number of candy bars demanded falls to 48.Using the midpoint approach to calculate the price elasticity of demand,it follows that the

• A)demand for candy bars in this price range is elastic.
• B)price increase will decrease the total revenue of candy bar sellers.
• C)price elasticity of demand for candy bars in this price range is about 1.22.
• D)price elasticity of demand for candy bars in this price range is about 0.82.

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