For a Certain Good,when Price Rises from $50 to $55,quantity

question 170

Multiple Choice

For a certain good,when price rises from $50 to $55,quantity demanded falls from 8,400 to 7,500.The price elasticity of demand here is _____________,making the demand for this good ____________ in the price range between $50 and $55.

• A) 1.19; inelastic
• B) 1.19; elastic
• C) 1.45; elastic
• D) 0.84; elastic
• E) 0.84; inelastic

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Definitions:

Exercising Regularly

The routine practice of engaging in physical activity to maintain or improve health and fitness.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than competitors using the same amount of resources.

Comparative Advantage

The ability of a country or firm to produce a good or service at a lower opportunity cost than its competitors.

Cooking

The process of preparing food for consumption by applying heat, combining ingredients, or both, following various methods and traditions.