If $A \cap B = \varnothing$ $P ( B ) = 0.3$

question 157

Multiple Choice

If $A \cap B = \varnothing$ , $P ( B ) = 0.3$ , and $P ( A \cup B ) = 0.3$ , then find $P ( A )$ .

• A)0.35
• B) 0.7
• C) 0.2
• D) 0.3
• E) 0

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Definitions:

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Total Revenue

The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.

Quantity Demanded

The total amount of a good or service consumers are willing to purchase at a specific price level at a given time.

Elastic Demand

Elastic demand indicates that the quantity demanded of a good or service significantly changes in response to a change in price.