Suppose That in a Month the Price of Oranges Increases

question 3

Multiple Choice

Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula) is

• A) 0.75.
• B) 0.6.
• C) 0.25.
• D) 20.

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