At a price of $100, beachside canoe rentals rented 11 canoes. when it increased its rental price to $125, 9 canoes were rented. calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula.
a. 0.75b. 0.9c. 2d. 1.25

The correct answer is option is B.

Explanation:

The price elasticity of demand shows the change in quantity demanded due to change in price level.

The initial price is $100.

The quantity demanded initially is 11.

The price is increased to $125.

The quantity demanded falls to 9.

The price elasticity through midpoint method will be 0.90., as shown in the attached figure.

answer; specific performance;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.