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jhaygood86 jhaygood86
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6 years ago
Laryssa buys 40 litres of gasoline a week at $1.00 per litre. When the price rose to $1.50 last summer, she found ways to cut back and bought 30 litres a week. Because this 50% increase in price caused a 25% reduction in quantity demanded, Laryssa's price elasticity of demand is
A) 0.5.
B) 5.0.
C) 2.0.
D) 2.5.
E) 0.2.
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Microeconomics for Life: Smart Choices for You

Microeconomics for Life: Smart Choices for You


Edition: 2nd
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