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Market Demand Is Given as QD = 40 - 2P

Question 293

Multiple Choice

Market demand is given as QD = 40 - 2P.Market supply is given as QS = 2P.If price increases from $15 to $16,what is the price elasticity of demand?


A) 0.3
B) 1.0
C) 1.1
D) 3.4

Correct Answer:

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