Fred gathered data on the price and quantity demanded of chocolate over the course of a week.  He found the price elasticity of demand for chocolate to be 0.3.  If fred gathered data over the course of a year, he would find the price elasticity of demand to be ___ 0.3.   A.Greater than B. Less than

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 12CQ: Jills Sausage Dog Stand projects the following demand for Jills sausage dogs: a. Calculate the price...
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Fred gathered data on the price and quantity demanded of chocolate over the course of a week.  He found the price elasticity of demand for chocolate to be 0.3.  If fred gathered data over the course of a year, he would find the price elasticity of demand to be ___ 0.3.

 

A.Greater than

B. Less than

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