If the Price Elasticity of Demand for Harley-Davidson Motorcycles Is

question 71

Multiple Choice

If the price elasticity of demand for Harley-Davidson motorcycles is -1.2 and quantity demanded increases by 24%,price must have

• A)decreased by 20%.
• B)increased by 20%.
• C)decreased by 28.8%.
• D)decreased by 0.05%.

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Definitions:

Ordinal Data

A type of categorical data with a set order or ranking among the categories but without a defined distance between categories.

Nominal Data

Data categorized by labels or names without a natural order or ranking between the categories.

Interval Data

A type of numerical data that allows for the measure of both the order of data points and the exact differences between them.

Interval Data

Data with meaningful distances between measurements but no true zero point, allowing for operations such as addition and subtraction.