If the Price of a Soda Increases from 75¢ to $1.00

question 249

Multiple Choice

If the price of a soda increases from 75¢ to $1.00 and as a result the quantity demanded of sodas decreases from 10 to 9 per week, the elasticity of demand for sodas equals

• A) 2.72.
• B) 0.37.
• C) 0.83.
• D) 1.20.

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Definitions:

Opinion

A personal view, attitude, or appraisal formed about something, not necessarily based on fact or knowledge.

Central Tendency Bias

A tendency to rate all individuals or situations as average or neutral, avoiding extreme judgments in assessments.

Rating Errors

Mistakes or biases that occur when evaluating or assessing an individual's performance or attributes.

Administrative Tasks

Routine duties related to the management and execution of office functions, including paperwork, scheduling, and record keeping.