According to the text, the price elasticity of demand for oranges has
According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
A) increase by 6.2 percent.
B) decrease by 6.2 percent.
C) increase by 62 percent.
D) decrease by 62 percent.
ANSWER
D
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.