The quantity demanded of a product rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately O a. 4.0 Q b. 0.16 O c. 2.5 O d. 1.0

The quantity demanded of a product rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately O a. 4.0 Q b. 0.16 O c. 2.5 O d. 1.0

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The quantity demanded of a product rises from 1000 to 1500 units when the price falls from
$1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately
O a. 4.0
Q b. 0.16
O c. 2.5
O d. 1.0

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