To Answer the Question,refer to the Following Table Showing a Demand

question 42

Multiple Choice

To answer the question,refer to the following table showing a demand schedule: $\begin{array}{llcc}\underline{ \text {Price } }&\underline{ \text { Ouantity } } \\ &\underline{\text {demanded }} \\\$200 &1000\\150&1400\\100 &1800\\\end{array}$ If price falls from $150 to $100,what is the elasticity of demand over this range?

• A)-0.625
• B)-1.0
• C)-1.17
• D)-2.5
• E)-3.0

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Definitions:

Missed Opportunity

The failure to seize potential benefits due to lack of action or decision in a timely manner.

Government Quota

A limit set by a government on the amount or value of a good that can be imported or exported over a specified period.

Supply Price

The price of a given quantity at which producers will supply that quantity.

Quota Limit

The total amount of a good under a quota or quantity control that can be legally transacted.