Given the information in Scenario 4.3, what is the point price elasticity of demand?
A) -1/3
B) -1/6
C) -1/10
D) -1/24
E) -5/24
B
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Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Consider years 3, 4, and 5. Based on this data, the Phillips curve is ________.
A. downward sloping B. vertical C. of indeterminate slope D. upward sloping
The definition of poverty in the United States is
A. a level of income below the minimally acceptable annual food budget of a family of a given size times four. B. a level of income below the minimally acceptable annual food budget of a family of a given size times three. C. unwholesome living conditions. D. a level of income below the median income for all families.
If production of a good creates external benefits, a competitive market will likely produce
a. less output than would maximize profit. b. more output than would maximize profit. c. less output than is efficient. d. more output than is efficient.
If the price of a DVD decreases by 50 percent, the quantity demanded increases by 75 percent. The price elasticity of demand is:
A. -0.67 and is elastic. B. -0.67 and is inelastic. C. -1.5 and is inelastic. D. -1.5 and is elastic.