If an Increase in price from $1 to $2 causes a decrease in quantity demanded from 120

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If an Increase in price from $1 to $2 causes a decrease in quantity demanded from 120 to 100 calculate the price elasticity of demand by using the midpoint method:

a 12

b 27

c 0.5

d 1.3

Related Book For answer-question

Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

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Posted Date: Mar 17, 2022 07:27 AM

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If an Increase in price from $1 to $2 causes a decrease in quantity demanded from 120

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Solution The correct answer is b 027 Expla... View the full answer

Principles of Economics

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