Correct Answer: Option A

Explanation

price elasticity of demand is calculated as the;

 percentage change in quantity demanded
         percentage change in price

Change in quantity = 500 - 400 = 100
% change  = ​​​​​​100/100 = 1%

Change in price = 70 - 50 = 20
% change = 20/100 = 0.2%

price elasticity = \(\frac{1}{0.2}\) = 5

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