In the Accompanying Table, Assume That the Price of Ice

question 110

Multiple Choice

In the accompanying table, assume that the price of ice skates increases from $10 to $20 per pair. Using the midpoint method, calculate the price elasticity of demand for ice skates for hockey players. $$\begin{array} { | l | c | c | } \hline \begin{array} { l } \text { Price of Ice } \\\text { Skates }\end{array} & \begin{array} { l } \text { Quantity Demanded } \\\text { (hockey players) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded } \\\text { (recreational } \\\text { skaters) }\end{array} \\\hline \$ 10 & 95 & 70 \\\hline \$ 20 & 85 & 60 \\\hline \$ 40 & 75 & 45 \\\hline \$ 50 & 65 & 25 \\\hline \$ 60 & 60 & 10 \\\hline\end{array}$$

• A) -6.00
• B) 0.67
• C) 0.11
• D) -0.16
• E) 3.00

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Definitions:

Doctor Visit

A scheduled appointment with a medical professional for the evaluation, diagnosis, or treatment of a health condition.

Excess Demand

Occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price, often leading to upward pressure on prices.

Price Ceiling

A price ceiling is a government-imposed limit on the price charged for a product or service, intended to prevent prices from rising above a certain level.

Government

The organized body responsible for overseeing the political administration and governance of a state or nation.