Economics · Microeconomics
The price of a commodity decreases from $5 per unit to $4 per unit, causing the quantity demanded to increase from 20 units to 25 units. Using the percentage (arc/midpoint method yields standard unitary result) or proportional method, what is the price elasticity of demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11.5
- 21.25
- 31.0✓
- 40.5
Correct answer
1.0
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