Correct Answer: Option A

Explanation

Q = 14, P = 4

Qd = 30 - 4p

∆q/∆p = - 4
 

Ed = \(\frac{∆q}{∆p}\times\frac{p}{q}\)

= - 4 x 4/14

= Ed = -1.14
since price elasticity is positive, then Ed = 1.14

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