Price elasticity of demand (E) is expressed as (? means change):
A. E = Price (P) ÷ Quantity demanded (Q).
B. E = Quantity demanded (Q) ÷ Price (P).
C. E = Quantity demanded (Q) × Price (P).
D. E = Percentage change in quantity demanded (%? in Q) ÷ Percentage change in price (%? in P).
E. E = Percentage change in price (%? in P) ÷ Percentage change in quantity demanded (%? in Q).
Answer: D
You might also like to view...
The output for ANOVA in your XL Data Analyst software provides a table that shows you group averages and which are significantly different if ANOVA finds the null hypothesis is not supported
Indicate whether the statement is true or false
A bankruptcy trustee is a ________
A) legal representative of a debtor's estate B) claimant to the debtor's estate on behalf of a creditor C) federal government official responsible for supervising a bankruptcy case D) bankruptcy judge, appointed by a U.S. Bankruptcy Court
Principals are generally not liable for criminal acts of their agents
Indicate whether the statement is true or false
In an assembly operation at a furniture factory, six employees assembled an average of 450 custom chairs per 5-day week. What is the labor productivity of this operation?
A) 90 chairs per worker per day B) 20 chairs per worker per day C) 15 chairs per worker per day D) 75 chairs per worker per day