ECONOMICS
ELASTICITY OF DEMAND
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Question
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Alyssa’s Floral Shoppe dropped its prices for a dozen roses from $45 to $35 this year. Because of this decrease in price, the quantity sold increased from 1000 to 1500. The price elasticity of demand for Alyssa’s roses is:
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1.00.
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1.6.
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0.625.
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2.25
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Explanation:
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