Suppose the Price of a Bag of Tortilla Chips Decreases

question 131

Multiple Choice

Suppose the price of a bag of tortilla chips decreases from $3.00 to $2.50 and,as a result,the quantity of tortilla chips demanded increases from 200 bags to 300 bags.Using the midpoint method,the price elasticity of demand for tortilla chips in the given price range is

• A)0.33.
• B)0.45.
• C)2.20.
• D)3.00.

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