Business, 26.02.2022 08:50 ogzayy

When the price of peanut oil falls from $5 to $4 per gallon, quantity demanded increases from 8 to 10 gallons per month. Based on this information, the absolute value of the price elasticity of demand using the midpoint method is Multiple Choice 0.8 and demand is relatively elastic. 1.0 and demand is unit elastic. 1.25 and demand is relatively inelastic. 1.25 and demand is relatively elastic.

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When the price of peanut oil falls from $5 to $4 per gallon, quantity demanded increases from 8 to 1...

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