When the price of pencils decreases from $3 to $1, the quantity demanded increases from 100 to 200 pencils.Using the midpoint method, the price elasticity of demand equals:
A.1/6.
B.1/2.
C.2/3.
D.3/2.

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The Answer of When the price of pencils decreases from $3 to $1, the quantity demanded increases from 100 to 200 pencils.Using the midpoint method, the price elasticity of demand equals:
A.1/6.
B.1/2.
C.2/3.
D.3/2.

When the Price of Pencils Decreases from $3 to $1