When the price of a good decreases from $ 70 to $ 60 , the quantity demanded rises from 2,800 to 3,000 units, using the midpoint formula the price elasticity of demand is __________? A. 6.9 B. none of the above C. 15.4 D. 0.45
When the price of a good decreases from $ 70 to $ 60 , the quantity demanded rises from 2,800 to 3,000 units, using the midpoint formula the price elasticity of demand is __________? A. 6.9 B. none of the above C. 15.4 D. 0.45
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 4PA: A price change causes the quantity demanded of a good to decrease by 30 percent, while the total...
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When the
A. |
6.9 |
|
B. |
none of the above |
|
C. |
15.4 |
|
D. |
0.45 |
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