If the Price of Calculators Increases by 15 Percent and the Quantity

question 569

True/False

If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as a result, then the price elasticity of demand is 3.

---

Definitions:

Social Change

The transformation over time of cultural values, norms, institutions, structures, and social practices.

Age-Sex Population Pyramid

A graphical illustration that shows the distribution of various age groups in a population, which forms the shape of a pyramid when the population is growing.

Postindustrial Nation

Refers to a country that has moved from industrial production to service and information management predominance.

Industrializing Country

A nation in the process of moving from an agriculture-based economy to one based on the manufacturing of goods and services.