The Initial Price for an Item Is $5

question 20

Multiple Choice

The initial price for an item is $5.00,and the quantity demanded is 350 units.When the price is raised to $5.25,the quantity demanded falls to 300 units.The absolute value of the point elasticity of demand is _____.

• A)2.25
• B)2.86
• C)3.5
• D)4.05
• E)5.75

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Definitions:

Social Cognitive Theory

A theory of learning and behavior emphasizing the importance of observing, modeling, and imitating the behaviors of others.

Cognitive Factors

Elements that involve the mental processes of perception, memory, judgment, and reasoning.

Health Behavior

Actions taken by individuals that affect their health, either positively or negatively, such as diet, exercise, smoking, and drinking habits.

Theoretical Behavior

Actions or conducts predicted or explained by theories that attempt to understand and model how and why individuals act the way they do.