If the price of peanuts falls from $0.75/lb. to $0.70/lb and the quantity demanded of peanuts rises from 20,000 lbs. to 22,000 lbs., the price elasticity of demand (coefficient) is equal to (absolute value). [Work out to three decimal places; approximate) 1.000 1.377 O0.363 O0.726

If the price of peanuts falls from $0.75/lb. to $0.70/lb and the quantity demanded of peanuts rises from 20,000 lbs. to 22,000 lbs., the price elasticity of demand (coefficient) is equal to (absolute value). [Work out to three decimal places; approximate) 1.000 1.377 O0.363 O0.726

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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Question

If the price of peanuts falls from $0.75/lb. to $0.70/lb and the quantity demanded of
peanuts rises from 20,000 lbs. to 22,000 lbs., the price elasticity of demand
(coefficient) is equal to(absolute value). [Work out to three decimal places;
approximate)
1.000
1.377
O০.363
O0.726

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