NAIMMCQ Problem Set The following graph shows two points (X and Y) on a demand curve for dinghies. According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately ______, which suggests that the demand for dinghies is _______ between X and Y.

The following graph shows two points (X and Y) on a demand curve for dinghies. According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately , which suggests that the demand for dinghies is _ between X and Y.

Problem Set

The following graph shows two points (X and Y) on a demand curve for dinghies.

According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately , which suggests that the demand for dinghies is _ between X and Y.

A. 0.45; price inelastic

B. 2.2; price inelastic

C. 1.67; price inelastic

D. 2.2; price elastic

E. 0.45; price elastic

F. 1.67; price elastic

G. 5; price inelastic

H. 5; price elastic

Answer Key: D

NAIMMCQ

The following graph shows two points (X and Y) on a demand curve for dinghies. According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately ______, which suggests that the demand for dinghies is _______ between X and Y.

The following graph shows two points (X and Y) on a demand curve for dinghies.

According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately ______, which suggests that the demand for dinghies is _______ between X and Y.

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The following graph shows two points (X and Y) on a demand curve for dinghies. According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately , which suggests that the demand for dinghies is _ between X and Y.

According to the midpoint method, the price elasticity of demand for dinghies between X and Y is approximately , which suggests that the demand for dinghies is _ between X and Y.