markeledwards4112 markeledwards4112
  • 15-02-2024
  • Business
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A 4% increase in the price of tomatoes leads to a 1% reduction in the quantity of tomatoes demanded. What is the price elasticity of demand for tomatoes? Choose the correct option below. Show your work. (1 Mark)

A) 0.25
B) 0.50
C) 1.00
D) 2.00

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