The demand for fashion watches is Q = 9 - 0.7P + 2I.Assume that per capita income I is $13.When the price of fashion watches is P = $30,the price elasticity of demand is:
A) -0.66.
B) -1.0.
C) -2.0.
D) -0.5.
E) -1.5.
Correct Answer:
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