When the Price of Pistachio Nuts Is $7

question 234

Multiple Choice

When the price of pistachio nuts is $7.50 per lb., the quantity demanded is 48 lbs. When the price of peaches is $9.00 per lb., the quantity demanded is 40 lbs. When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is

• A) relatively, but not perfectly, elastic.
• B) unit-elastic.
• C) completely inelastic.
• D) relatively, but not perfectly, inelastic.

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