Refer to the Table Shown to Answer the Question A)elastic
B)unit Elastic

question 189

Multiple Choice

Refer to the table shown to answer the question. Between $2.20 and $2.40, demand is: $$\begin{array} { | c | c | } \hline \text { Price } & \text { Qu.ntity Demanded } \\\hline \$ 1.60 & 130 \\\hline \$ 1.80 & 120 \\\hline \$ 2.00 & 110 \\\hline \$ 2.20 & 100 \\\hline \$ 2.40 & 90 \\\hline \$ 2.60 & 80 \\\hline\end{array}$$

• A)elastic.
• B)unit elastic.
• C)inelastic.
• D)perfectly elastic.

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Definitions:

Commodity

A primary item used in trading that is replaceable with other items of the same type.

Maximise

To increase to the greatest possible amount or degree.

Input

Resources or factors used in the production process to generate output, such as labor, capital, and materials.

Marginal Product

Marginal product refers to the additional output that is generated by employing one more unit of a particular input, holding the quantities of other inputs constant.