Table: Price Elasticities Refer to the Table

question 136

Essay

Table: Price Elasticities $$\begin{array} { l l l } \hline & \text { Good X } & \text { Good Y } \\\hline \text { Price elasticity of demand } & 0.5 & 1 \\\text { Price elasticity of supply } & 1 & 0.5 \\\hline\end{array}$$
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.

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Definitions:

Organizing Model

A framework for union activity that stresses broad-based participation and direct action by workers, rather than relying solely on union leadership or legal processes to achieve goals.

Union Democracy

A principle or practice within labor unions that ensures decision-making processes are transparent, participatory, and reflect the will of the membership.

Substantive Dimension

A term focusing on the content or substance of policies or laws, often in contrast to procedural aspects.

Paternalistic/Strategic

The approach of managing or governing people by providing for their needs without giving them rights or responsibilities, often contrasted with strategic decision-making that involves long-term planning and consideration of various outcomes.