The Formula for the Own- Price Elasticity of Demand for a Commodity

question 49

Multiple Choice

The formula for the own- price elasticity of demand for a commodity can be written as which of the following?

• A) \(\frac{\text {change in quantity demanded }}{\text { change in price}}\)
• B) \(\frac{\text {perentage changeinprice }}{\text {percentage change inquantity demanded }}\)
• C) \(\frac{\text {change in price }}{\text {change in quantity demanded }}\)
• D) \(\frac{\text {perentage change in quantity demanded}}{\text { percentage change in price }}\)
• E) \(\frac{\text {percentage change in one price }}{\text { percentage change in the other price}}\)

---

Definitions:

Perception

The process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment.

Pain

An unpleasant sensory and emotional experience associated with actual or potential tissue damage.

Taste Buds

Nests of taste receptor cells.

Taste Receptor Cells

Specialized cells located on the taste buds that detect and respond to chemical substances, enabling the sense of taste.