Refer to the Accompanying Table to Answer the Questions

question 57

Multiple Choice

Refer to the accompanying table to answer the questions. $$\begin{array} { | l | c | c | } \hline \begin{array} { l } \text { Price of } \\\text { Erasers }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded of } \\\text { Erasers }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded of } \\\text { Pencils }\end{array} \\\hline \$ .50 & 10 & 12 \\\hline \$ 1.00 & 8 & 11 \\\hline \$ 1.50 & 7 & 10 \\\hline \$ 2.00 & 6 & 9 \\\hline \$ 2.50 & 5 & 8 \\\hline\end{array}$$
-The price of erasers increases from $0.50 to $1.00 per eraser. Use the midpoint method to calculate the cross-price elasticity of demand between pencils and erasers.

• A) -0.13
• B) 7.67
• C) -7.67
• D) 0.13
• E) -3

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Definitions:

Interest

A psychological state of engagement or curiosity that motivates individuals to learn more about something or be involved in certain activities.

Love

Love is a complex set of emotions and behaviors characterized by intimacy, passion, and commitment. It plays a fundamental role in human relationships and psychological well-being.

Facial Feedback Hypothesis

The idea that sensory feedback from facial expressions can affect emotional states, suggesting that expressions not only reflect emotions but can influence them.

Circumplex Model

A model that organizes various psychological concepts, such as emotions or personality traits, along two or more dimensions in a circular array.