Suppose That When the Price Per Ream of Recycled Printer

question 135

Multiple Choice

Suppose that when the price per ream of recycled printer paper rises from $4 to $4.50, the quantity demanded falls from 800 to 600 reams per day.Using the midpoint formula, what is the price elasticity of demand (in absolute value) over this range?

• A)0.003
• B)0.41
• C)2.43
• D)4

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