Answer the next question on the basis of the following demand schedule.PriceQuantity Demanded$615243342516The price elasticity of demand is relatively inelastic (based on the midpoint formula)

A. over the entire $6-$1 price range.
B. in the $6-$5 price range only.
C. in the $3-$1 price range.
D. in the $6-$4 price range.


Answer: C

Economics

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