If the Cross Elasticity of Demand Between Beef and Bison

question 7

Multiple Choice

If the cross elasticity of demand between beef and bison is 1.5, then a 3 percent increase in the price of beef will lead to

• A)a 4.5 percent increase in the quantity of bison demanded.
• B)a 4.5 percent decrease in the quantity of bison demanded.
• C)a 2 percent increase in the quantity of bison demanded.
• D)a 2 percent decrease in the quantity of bison demanded.
• E)a 0.5 percent increase in the quantity of bison demanded.

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Definitions:

Decoding

The process of interpreting and understanding a message that has been received.

Perception

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

Noise

Any unwanted or disruptive sound that interferes with clear auditory communication, but in a communication context, it refers to any factor that distorts or hinders the reception of a message.

Clampitt's Strategies

A set of communication strategies proposed by Phillip G. Clampitt for effective organizational communication.