When the Price of Good a Is $50,the Quantity Demanded

question 295

Multiple Choice

When the price of good A is $50,the quantity demanded of good A is 500 units.When the price of good A rises to $70,the quantity demanded of good A falls to 400 units.Using the midpoint method,

• A) the price elasticity of demand for good A is 1.50,and an increase in price will result in an increase in total revenue for good A.
• B) the price elasticity of demand for good A is 1.50,and an increase in price will result in a decrease in total revenue for good A.
• C) the price elasticity of demand for good A is 0.67,and an increase in price will result in an increase in total revenue for good A.
• D) the price elasticity of demand for good A is 0.67,and an increase in price will result in a decrease in total revenue for good A.

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