Question
22. Suppose that when the price of a good is $15, the quantity demanded is 40 units, and when the price falls to $6, the
22. Suppose that when the price of a good is $15, the quantity demanded is 40 units, and when the price falls to $6, the quantity increases to 60 units.The price elasticity of demand near a price of $6 and a quantity of 60 can be calculated as:
a.-5/6
b.-2
c.-2/9
d.-9/2
e.None of the above answers is correct
*please explain
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International Business
Authors: John Daniels, Lee Radebaugh, Daniel Sullivan
16th edition
134200055, 978-0134201542, 013420154X, 978-0134200057
