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Price elasticity of demand

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Suppose the price of product X is reduced from $1.75 to $1.35 and, as a result, the quantity of X demanded increases from 2,000 to 2,400. Using the arc elasticity if demand (or midpoint) method, the own price elasticity of demand for X in the given price range is

  • -1.423.
  • -0.705.
  • -0.563.
  • -0.875.

Reference no: EM131207225

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