Figure 6-3 -Refer to Figure 6-3.Using the Midpoint Formula, Calculate the Absolute

question 133

Multiple Choice

Figure 6-3

-Refer to Figure 6-3.Using the midpoint formula, calculate the absolute value of the price elasticity of demand between e and f.

• A)0.32
• B)0.4
• C)2.5
• D)3.125

---

Definitions:

Seller Surplus

The difference between price (what the seller is able to sell for) and the seller’s value (what she is willing to sell for).

Individual's Value

The worth or significance of a person, often considered in terms of their qualities, actions, and contributions to society.

Willing

Displaying a readiness or preference towards a particular action or decision.

Consumer Surplus

See Buyer Surplus.