Use the Table Below to Answer the Following Question

question 21

Multiple Choice

Use the table below to answer the following question.
Table 4.1.3

-Refer to Table 4.1.3. The price elasticity of demand for Jolt is

• A)1.
• B)2.5.
• C)3.0.
• D)0.33.
• E)cannot be calculated because income is not constant.

---

Definitions:

Positive Utility

Positive utility refers to the benefit or satisfaction obtained from consuming a good or service, contributing to the overall well-being of the consumer.

Maximizing Utility

The economic principle aiming to achieve the highest level of satisfaction possible with available resources.

Price

The cost at which something is being sold, reflecting the value that consumers or purchasers assign to a good or service.

Utility

An economic term referring to the total satisfaction received from consuming a good or service.