If the Price of Laptop Computers Decreases from $550 to $500

question 16

Multiple Choice

If the price of laptop computers decreases from $550 to $500 and the quantity supplied decreases from 15,000 to 12,000 per week.Using the initial price method the price elasticity of supply is:

• A)1.2.
• B)2.2.
• C).2.
• D)2.

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Definitions:

Industrial Revolution

A period of major industrialization during the late 18th and early 19th centuries that transformed largely agrarian, manual societies into industrial and urban ones.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Two-parent Families

Households where children live with both of their biological or adoptive parents, offering a family structure often associated with various social and economic advantages.

Single-parent Families

Households led by only one parent, who takes on the role of both caring for the children and providing for the family financially.