The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately:
A. 1.0
B. .16
C. 2.5
D. 4.0
The quantity of a good demanded rises from 1000 to 1500 units when the price falls from $1.50 to $1.00 per unit. The price elasticity of demand for this product is approximately:
A. 1.0
B. .16
C. 2.5
D. 4.0
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