Suppose That the Quantity Demanded of a Good Rises from 40

question 104

Multiple Choice

Suppose that the quantity demanded of a good rises from 40 units to 60 units per month when the price falls from $1.05 to 95 cents per unit.The price elasticity of demand for this product is

• A)0.5.
• B)1.0.
• C)1.5.
• D)2.0.
• E)4.0.

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Definitions:

Learning Organizations

Learning organizations are those that actively enhance their capacity to adapt and evolve by creating, acquiring, and transferring knowledge, and modifying their behavior to reflect new knowledge and insights.

Profitability

The ability of a business to earn a profit, calculated as the difference between its revenue and expenses.

Effective Learning

The process that results in the acquisition of knowledge or skills and the ability to apply them in a way that is productive and enhances performance.

Organizational Culture

The shared beliefs, values, and assumptions that exist in an organization.