If the Price of Good X Rises from $4 to $5

question 51

Multiple Choice

If the price of Good X rises from $4 to $5, and the quantity demanded of it falls from 200 units to 180 units, the absolute value of the price elasticity of demand is:

• A) 2.1.
• B) 0.47.
• C) 1.4.
• D) 0.4.

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Definitions:

Events

Occurrences or happenings, especially significant ones, or in probability theory, the outcomes or sets of outcomes of a random experiment.

Independent

Not influenced by others; making decisions or drawing conclusions based on one's own thoughts and conditions, not controlled by external factors.

Speeding Ticket

A fine or penalty issued by law enforcement to drivers exceeding the legal speed limit.

Events

Occurrences or outcomes that can be observed and are often of interest in probability and statistics.