Suppose That 50 Hot Dogs Are Demanded at a Particular

question 210

Multiple Choice

Suppose that 50 hot dogs are demanded at a particular price.If the price of hot dogs rises from that price by 5 percent,the number of hot dogs demanded falls to 48.Using the midpoint approach to calculate the price elasticity of demand,it follows that the

• A)demand for hot dogs in this price range is unit elastic.
• B)price increase will decrease the total revenue of hot dog sellers.
• C)price elasticity of demand for hot dogs in this price range is about 1.22.
• D)price elasticity of demand for hot dogs in this price range is about 0.82.

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