Jaycee Jeans sold 40 pairs of jeans at a price of $40.When it lowered its price to $20, the quantity sold increased to 60 pairs.Calculate the absolute value of the price elasticity of demand.Use the midpoint formula.
A)1.67
B)1.0
C)0.6
D)0.53

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The Answer of Jaycee Jeans sold 40 pairs of jeans at a price of $40.When it lowered its price to $20, the quantity sold increased to 60 pairs.Calculate the absolute value of the price elasticity of demand.Use the midpoint formula.
A)1.67
B)1.0
C)0.6
D)0.53

Jaycee Jeans Sold 40 Pairs of Jeans at a Price