The Price of Apples at a Local Market Rises from $2.95

question 115

Multiple Choice

The price of apples at a local market rises from $2.95 to $3.05 per kilogram,and as a result the quantity of oranges that households purchase increases from 3950 to 4050 kilograms per week.The cross-price elasticity is

• A)-1.33.
• B)-0.75.
• C)0.75.
• D)1.33.
• E)1.5.

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Definitions:

Daily Interest

Interest amount that is calculated and accrued on a daily basis, typically used in various financial contexts to determine the amount earned or owed each day.

Sales Tax

A consumption tax imposed by the government on the sale of goods and services, typically calculated as a percentage of the purchase price.

Percentage

A rate, number, or amount in each hundred, often used to express a proportion of a whole.

Algebraic Expression

A mathematical phrase that can contain numbers, operators, and variables, but no equal sign.