Use the figure below to answer the following question(s).
Figure 7-6
-Between $3 and $4, the price elasticity of the demand curve depicted in Figure 7-6 is
A) relatively inelastic.
B) approximately equal to −0.33.
C) approximately equal to −3.
D) both a and b.

Question

Use the figure below to answer the following question(s).
Figure 7-6 
-Between $3 and $4, the price elasticity of the demand curve depicted in Figure 7-6 is
A) relatively inelastic. 
B) approximately equal to −0.33. 
C) approximately equal to −3. 
D) both a and b.

Quizplus · Accepted Answer

The price elasticity of demand is relatively inelastic and approximately equal to -0.33, indicating that the percentage change in quantity demanded is less than the percentage change in price.

Use the Figure Below to Answer the Following Question(s)