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If the price of a ball point pen falls from N1.00 to N0.60 and the…

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
  • A.
    1.25
  • B.
    0.80
  • C.
    0.50
  • D.
    0.40
Correct Answer: Option A
Explanation