Suppose the Price of Product X Is Increased from $8

question 12

Multiple Choice

Suppose the price of product X is increased from $8.00 to $10.00 and as a result, the quantity of X demanded decreases from 1500 to 1000.Using the midpoint method, the price elasticity of demand for X in the given price range is:

• A)2.00
• B)1.80
• C)1.00
• D)0.40

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