Price falls from $8.50 to $7.75, and the quantity demanded rises from 900 units to 970 units. What is the approximate coefficient of price elasticity of demand (Ed) between these two prices? O 0.64 O 1.00 1.23 O 1.44 0.81

Price falls from $8.50 to $7.75, and the quantity demanded rises from 900 units to 970 units. What is the approximate coefficient of price elasticity of demand (Ed) between these two prices? O 0.64 O 1.00 1.23 O 1.44 0.81

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...

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Question

Price falls from $8.50 to $7.75, and the quantity demanded rises from 900 units to
970 units. What is the approximate coefficient of price elasticity of demand (Ed)
between these two prices?
0.64
1.00
1.23
O 1.44
O 0.81

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