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Exhibit 20-3 Price of Good AQuantity Demanded of Good AQuantity Supplied of Good ...

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Exhibit 20-3 Price of Good AQuantity Demanded of Good AQuantity Supplied of Good ...

Exhibit 20-3

Price of Good A	Quantity Demanded of Good A	Quantity Supplied of Good A
$5.50	5	55
$4.50	15	45
$3.50	25	35
$2.50	35	25
$1.50	45	15
$0.50	55	5

Refer to Exhibit 20-3. When price decreases from $4.50 to $3.50, the price elasticity of demand is

▸

0.4375.

▸

0.50.

▸

1.0.

▸

2.00.

▸

2.86.

Textbook

Economics

Edition: 12^th

Author: Arnold

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