When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to
A) 1/4 or 0.25.
B) 3/7 or 0.4286.
C) 3.
D) 1/3 or 0.3333.
Correct Answer:
Verified
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