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10 Apr 2018
Suppose that as the price of Y falls from $2.00 to $1.90, the quantity of Y demanded increases from 110 to 118. Then the price elasticity of demand is (based on the midpoint formula):
a) 4.0.
b) 2.1.
c) 3.9.
d) 1.4.
Suppose that as the price of Y falls from $2.00 to $1.90, the quantity of Y demanded increases from 110 to 118. Then the price elasticity of demand is (based on the midpoint formula):
a) 4.0.
b) 2.1.
c) 3.9.
d) 1.4.
2 Jun 2021
