If 45 units are sold at a price of $15 and 75 units are sold at a price of $10, what is the absolute value of the price elasticity of demand? Hint: use the midpoint formula Select the correct answer. A) 8 B) 1 C) 1.25 D) 1.5

If 45 units are sold at a price of $15 and 75 units are sold at a price of $10, what is the absolute value of the price elasticity of demand? Hint: use the midpoint formula Select the correct answer. A) 8 B) 1 C) 1.25 D) 1.5

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 2SQ

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Question

If 45 units are sold at a price of $15 and 75 units are sold at a price of
$10, what is the absolute value of the price elasticity of demand?
Hint: use the midpoint formula Select the correct answer.
A) 8
B) 1
C) 1.25
D) 1.5
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