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D. 20<br />
Question 2 of 205.0/ 5.0 Points<br />
A good synonym for elasticity would be __________ .<br />
A. change<br />
B. demand<br />
C.<br />
responsiveness<br />
D. stickiness<br />
Question 3 of 200.0/ 5.0 Points<br />
Suppose that in a month the price of a gallon of milk increases from $2 to $2.50. At the same<br />
time, the quantity of gallons of milk demanded decreases from 100 to 80. The price elasticity of<br />
demand for gallons of milk (calculated using the midpoint formula) is approximately<br />
__________ .<br />
A.<br />
0.11<br />
B. 0.2<br />
C. 1<br />
D. 1.2<br />
Question 4 of 200.0/ 5.0 Points<br />
Suppose that in a month the price of milk increases from $2 to $3 a gallon. At the same time, the<br />
quantity of gallons of milk demanded decreases from 200 to 190. The price elasticity of demand<br />
for milk (calculated using the initial value formula) is __________ .<br />
A.<br />
0.1<br />
B. 0.2
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