The Price of Apples Increases from $1 to $1

question 157

Multiple Choice

The price of apples increases from $1 to $1.10. At the same time, the quantity of apples demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using the initial value formula) is

• A) 0.02.
• B) 0.9.
• C) 1.
• D) 1.1.

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