Suppose That a 5% Increase in the Price of Gasoline

question 39

Multiple Choice

Suppose that a 5% increase in the price of gasoline leads to a 15% decrease in the quantity demanded of SUVs.The cross-price elasticity of demand for SUVs is:

• A)3.0.
• B)3.3.
• C).33.
• D)33.

---

Definitions:

Performance Improvement Procedures

Strategies and actions implemented to increase the efficiency, effectiveness, and quality of an employee's work output.

Decision-making Process

A series of steps including identifying a problem, analyzing options, and choosing the most suitable course of action.

Evaluate Results

entails analyzing and assessing the outcomes of actions, activities, or projects to determine their effectiveness and impact.

Evaluation of Results

The process of analyzing the outcomes of strategies, projects, or activities to assess their effectiveness and efficiency against predefined objectives.