(Figure) The figure shows two demand curves for the same product for two different periods. When the price falls from $10 to $5, the price elasticity of demand using the midpoint method will be _____ for the short run and _____for the long run.

A) 0.33; 0.6
B) 3.03; 0.6
C) 0.33; 1.67
D) 3.03; 1.67

Question

(Figure) The figure shows two demand curves for the same product for two different periods. When the price falls from $10 to $5, the price elasticity of demand using the midpoint method will be _____ for the short run and _____for the long run.
(Figure) The figure shows two demand curves for the same product for two different periods. When the price falls from $10 to $5, the price elasticity of demand using the midpoint method will be _____ for the short run and _____for the long run. A) 0.33; 0.6 B) 3.03; 0.6 C) 0.33; 1.67 D) 3.03; 1.67

A) 0.33; 0.6 
B) 3.03; 0.6 
C) 0.33; 1.67 
D) 3.03; 1.67

Quizplus · Accepted Answer

The Answer of (Figure) The figure shows two demand curves for the same product for two different periods. When the price falls from $10 to $5, the price elasticity of demand using the midpoint method will be _____ for the short run and _____for the long run.

A) 0.33; 0.6 
B) 3.03; 0.6 
C) 0.33; 1.67 
D) 3.03; 1.67

(Figure) the Figure Shows Two Demand Curves for the Same