Use the midpoint formula to answer this question. Suppose that as the price of Y falls from $2.00 to $1.90, the quantity of Y demanded increases from 110 to 118. Then the price elasticity of demand is
A. -4.0.
B. -1.4.
C. -3.9.
D. -2.1.
Answer: B
You might also like to view...
If opening an economy up to trade always benefits both trading partners, why is free trade controversial?
What will be an ideal response?
What is educational inequality and how is it measured? Why is it important to measure the degree of educational inequality in a country? Explain your answer
What will be an ideal response?
A resource's marginal product is
a. the revenue produced by one additional unit of that resource, other things constant b. the total output produced by one unit of that resource, other things constant c. the additional output produced by one additional unit of that resource, other things constant d. the total output divided by the number of units of that resource employed e. the total output times the number of units of that resource employed
Today, the share of union membership among public sector workers in the United States is
A) more than twice the share of union membership among private sector workers. B) zero. C) less than half of the share of union membership among private sector workers. D) the same as the share of union membership among private sector workers.