The local baseball stadium's concession stands previously sold hot dogs for 80 cents apiece. At that price, when a baseball fan went to watch a baseball game, he bought 2 hotdogs. But now that the stadium has a "dime-a-dog night," he has purchased 6 hot dogs. What is the approximate value of this individual's absolute price elasticity of demand for hot dogs?
A. 0.80
B. 1.00
C. 0.64
D. 1.56
Answer: C
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Economic growth comes from ________
A) people willing to increase their skills in which case, economic growth is free B) producing more goods than people want to consume C) capital accumulation and the avoidance of opportunity cost D) capital accumulation and technological advance
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Indicate whether the statement is true or false
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