When the Price of a Soft Drink from the Campus

question 97

Multiple Choice

When the price of a soft drink from the campus vending machine was $0.60 per can, 100 cans were sold each day. After the price increased to $0.75 per can, sales dropped to 85 cans per day. Over this range, the absolute price elasticity of demand for soft drinks was approximately equal to

• A) 0.15.
• B) 0.60.
• C) 0.73.
• D) 1.67.

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