If the Price of Steak Rises from $6 to $10

question 116

Multiple Choice

If the price of steak rises from $6 to $10 per pound, and the quantity purchased falls from 90 to 70 pounds, the price elasticity of demand (in absolute value) is

• A) 0.2.
• B) 0.5.
• C) 1.0.
• D) 2.0.

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