Suppose that as the price of Y falls from $12 to $10, the quantity of Y demanded increases from 500 to 600. Then the absolute value of the price elasticity (using the midpoint formula)is approximately
A)50.
B)1.2.
C)1.
D)0.83.

Question

Quizplus · Accepted Answer

The Answer of Suppose that as the price of Y falls from $12 to $10, the quantity of Y demanded increases from 500 to 600. Then the absolute value of the price elasticity (using the midpoint formula)is approximately
A)50.
B)1.2.
C)1.
D)0.83.

Suppose That as the Price of Y Falls from $12