3. Ceteris paribus, if the price of a good decreases from $32 to $24, and the quantity demanded of the good increases from 80 to 100, then the price elasticity of demand (using the midpoint method) for that good is: A) B) C) D) Show your work here 0.22. 0.29. 0.78. 1.20. Formula Calculation Answer This good is INELASTIC ELASTIC UNITARY ELASTIC (circle one)
3. Ceteris paribus, if the price of a good decreases from $32 to $24, and the quantity demanded of the good increases from 80 to 100, then the price elasticity of demand (using the midpoint method) for that good is: A) B) C) D) Show your work here 0.22. 0.29. 0.78. 1.20. Formula Calculation Answer This good is INELASTIC ELASTIC UNITARY ELASTIC (circle one)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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