Suppose the Price of Product X Is Reduced from $16

question 100

Multiple Choice

Suppose the price of product X is reduced from $16.00 to $12.00 and, as a result, the quantity of X demanded increases from 300 to 450.Using the midpoint method, the price elasticity of demand for X in the given price range is:

• A)1.40
• B)1.00
• C)0.40
• D)0.29

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