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Market Demand Is Given as QD = 60 - P

Question 263

Multiple Choice

Market demand is given as QD = 60 - P.Market supply is given as QS = 3P.If price increases from $5 to $7,what is the price elasticity of demand?


A) 0.1
B) 0.9
C) 1.1
D) 2.4

Correct Answer:

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