Consider a market for toilet paper. Toilet paper currently costs $1 per roll and the quantity demanded is 19. The price increases to $3 and the quantity demanded decreases to 17. Calculate the price elasticity of demand over this region. Group of answer choices

Consider a market for toilet paper. Toilet paper currently costs $1 per roll and the quantity demanded is 19. The price increases to $3 and the quantity demanded decreases to 17. Calculate the price elasticity of demand over this region. Group of answer choices

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Consider a market for toilet paper. Toilet paper currently costs $1 per roll and the quantity demanded is 19. The price increases to $3 and the quantity demanded decreases to 17. Calculate the price elasticity of demand over this region.

Group of answer choices
A) 1/9
B) -9
C) -1/9
D) 9
E) none of the answers is correct

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