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Price Quantity Demanded 0 200 $1 150 $2 100 $3 50 0 $4 Using the midpoint method, the price elasticity of demand when the price rises from $1 to $2 is and it is considered to be a) 1.33; elastic b) 1.67; inelastic c) 0.60; inelastic d) 0.47; inelastic

Price Quantity Demanded 0 200 $1 150 $2 100 $3 50 0 $4 Using the midpoint method, the price elasticity of demand when the price rises from $1 to $2 is and it is considered to be a) 1.33; elastic b) 1.67; inelastic c) 0.60; inelastic d) 0.47; inelastic

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Price Quantity Demanded 0 200 $1 150 $2 100 $3 50 0 $4 Using the midpoint method, the price elasticity of demand when the price rises from $1 to $2 is and it is considered to be a) 1.33; elastic b) 1.67; inelastic c) 0.60; inelastic d) 0.47; inelastic
Transcribed Image Text:Price Quantity Demanded 0 200 $1 150 $2 100 $3 50 0 $4 Using the midpoint method, the price elasticity of demand when the price rises from $1 to $2 is and it is considered to be a) 1.33; elastic b) 1.67; inelastic c) 0.60; inelastic d) 0.47; inelastic
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