The Inverse Demand Function for Grapes Is Described by the Equation

question 34

Multiple Choice

The inverse demand function for grapes is described by the equation p = 518 - 5q, where p is the price in dollars per crate and q is the number of crates of grapes demanded per week. When p = $38 per crate, what is the price elasticity of demand for grapes?

• A) -190/60
• B) -5/518
• C) -5/95
• D) -96/38
• E) -38/480

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